Refining
oil implies the conversion of raw crude products into finished goods
that are usable by multiple industries. Within a refinery, several
types of finished goods and intermediates may be produced from crude
oil.
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Various
Phases in an Oil Refinery
The
primary process inside an oil refinery is desalination. This is where
all the salts and granular impurities in crude oil are removed. These
can be detrimental to other processing units in an oil refinery, or
even to the pipelines transporting the crude oil to them. Following
the desalination chambers are multiple preheat trains that heat the
oil up to a specific temperature. The hot oil is then transported to
the crude distillation unit.
The
CDU has a distillation column that processes the crude oil and uses
the differences in boiling points to segregate the various products
present in crude oil. Products with lower boiling points flow to the
top of the distillation tower while the cooler products settle down
to the bottom. Thus we obtain the key products through the refinement
of oil: fuel oils, diesel oils, kerosene, gasoline, naphtha, and
liquefied petroleum gas. Left at the bottom of the tower are waste
residues.
After
each product is segregated, it is refined even further to remove
molecular impurities such as nitrogen and sulfur. This requires
another distillation unit known as the vacuum distillation unit, from
which we get base oil that can be used for manufacturing lubricants,
and light and heavy vacuum gas oils.
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Highlights
of the Global Oil Refinery Market
The
global oil refinery market is currently growing at a fast pace due to
the heavy demand set by the energy industry. Power generation plants
that rely on oil are facing a constantly growing consumption rate on
the demand side. The only region that shows signs of slower growth
rates is Europe, due to the presence of a surging renewable energy
industry. The overall capacity of the global oil refinery market had
increased substantially in 2013, after technological advancements and
the discovery of new crude sources.
The
global oil refinery market is segmented according to the type of
crude that is being processed in the refinery, as the type of crude
determines the type of refining processes used. This criterion
divides the market into the two segments of sweet crude and sour
crude.
Asia
Pacific Dominates Global Oil Refinery Market, China Leads in Crude
Imports
Geographically,
the Asia Pacific region leads the global oil refinery market in terms
of refining capacity. Asia Pacific is followed by North America. A
key reason for this is the major improvement in the refining capacity
of China. In 2013, the China oil refinery market had an overall
capacity of 12.70 million barrels every day. China is also the
largest crude importer, which was also the cause of the growth in
refining capacity of China.
Key
Players in the Global Oil Refinery Market
The
top companies that are involved in the global oil refinery market
include Reliance Industries Ltd., Saudi Aramco Lubricating Oil
Refining Company, Essar Oil Limited, National Iranian Oil Company,
Petroleos de Venezuela SA, National Iranian Oil Company, Kuwait
Petroleum International, Total Oil, Hindustan Petroleum Corporation
Limited, Exxon Mobil, Conoco Phillips, ENI, China National Petroleum
Company, and Chevron Corporation.
The
largest oil refinery in the world is situated in Jamnagar, India. It
is owned by Reliance Industries and has an overall capacity of 1.24
million barrels per day. The Paraguana Peninsula in Venezuela holds
the second-largest crude refinery: a plant that can produce 955,000
barrels per day.
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