Future Refinery Projects Change to Comply with Net Zero Targets
- December 9, 2021
- Posted by: Quatro Strategies
- Category: Energy
Oil refiners will have to review future projects and spending due to fuel production’s transition to net zero emissions by 2050. Refiners will look to build smaller and more modular projects in the future.
It is estimated that in the 2030s, 70% of the $164 billion that will be spent on capital projects will go to biofuels and carbon reduction, most of which will be in the United States and Europe.
The advantage of modular components is that they reduce construction challenges; but they also increase the importance of planning.
It is also estimated that expansion of existing refineries to add biofuel and carbon reduction systems will be more costly than previous forecasts.
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