The Asia Oil & Gas industry faces a significant issue that needs urgent attention - a lack of investment in refining. This issue was highlighted as one of the key topics discussed at Asia's biggest gathering of the industry's traders and executives. Refining is crucial to the oil and gas industry, as it transforms crude oil into various usable products such as gasoline, diesel, and jet fuel. However, the industry is crying out for more investment in refining, as many of the existing refineries are aging and require upgrades to meet growing demand.
1. The Asia Oil & Gas industry is facing a lack of investment in refining, which is a significant issue that needs urgent attention.
2. The lack of investment in refining was highlighted as one of the key topics discussed at Asia's biggest gathering of the industry's traders and executives.
3. Refining is crucial to the oil and gas industry as it transforms crude oil into usable products such as gasoline, diesel, and jet fuel.
4. Many existing refineries in Asia are aging and require upgrades to meet the growing demand for petroleum products, particularly in emerging economies.
5. Without significant investments in the refining sector, the industry experts argue that Asia may face potential shortages and higher prices of energy products, failing to meet the growing energy needs of the region.
According to a report by Wood Mackenzie, Asia will need to invest $790 billion in refining capacity by 2040 to meet rising demand for oil products.
Asia Oil & Gas Latest: Refining 'Crying Out' for Investment. One of the key topics at Asia's biggest gathering of the industry's traders and executives is the pressing need for investment in refining. With increasing demand for petroleum products in the region, particularly in emerging economies, refineries are struggling to keep up with the pace. Industry experts argue that without significant investments, the refining sector will fail to meet the growing energy needs of Asia, leading to potential shortages and higher prices.