Hydrocarbon Processing - December 2020 - 4

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Industry Perspectives

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Catherine Watkins

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Lee Nichols

EDITORIAL

New project announcements suffer
in 2020 due to pandemic
According to Hydrocarbon Processing's Construction Boxscore Database, more than 290 new projects have been announced in 2020. However, new project announcements are
down nearly 36% year-over-year. The primary reason for this
decline is a sharp drop in new project announcements during the height of global lockdown initiatives (March-June).
Within this timeframe, the Boxscore Database recorded only
69 new projects. During the same timeframe in 2019, the Boxscore Database recorded 170 new projects. The difference of
101 projects represents a decline in new project announcements during that 4-mos period of 59%.
More than 40% of new projects were in the Asia-Pacific region, followed by the Middle East (15%) and the U.S. (13%).
The following is a breakdown of new project market share by
region over the past year:
* Africa-8% (23 projects)
* Asia-Pacific-43% (125 projects)
* Canada-3% (9 projects)
* Western Europe-6% (17 projects)
* Eastern Europe, Russia and the Commonwealth of
Independent States (CIS)-10% (29 projects)
* Latin America-2% (6 projects)
* Middle East-15% (44 projects)
* U.S.-13% (38 projects).
In total, Asia, the Middle East and the U.S. represent more
than 70% of new project announcements in 2020. Over the
past several years, the Asia-Pacific region has dominated in
new project announcements, as well as in capital expenditures, and 2020 is no different. Most new project announcements in Asia are led by capacity additions in China and India.
These capital projects include increasing refining, petrochemical and LNG import infrastructure to satisfy future demand.
New project announcements have added to global capital
expenditures. According to the Boxscore Database, capital
expenditures in the hydrocarbon processing industry have
reached nearly $1.8 T. Just as the Asia-Pacific region is the
leader in total active and new project announcements, the region is also, by far, the leader in total capital expenditures. Total capital expenditures, by region, are broken down as such:
* Africa-$205 B
* Asia-Pacific-$635 B
* Canada-$126 B
* Western Europe-$27 B
* Eastern Europe, Russia and the CIS-$184 B
* Latin America-$50 B
* Middle East-$270 B
* U.S.-$300 B.
These figures represent projects to 2030 that are somewhere along the project's planning, engineering or construction timeframe.
4

DECEMBER 2020 | HydrocarbonProcessing.com

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Hydrocarbon Processing - December 2020

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