By James Fowler?/?Business News Americas
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Latin America is expected to become one of the global leaders in the addition of new oil refining capacity through 2015, according to estimates of oil cartel OPEC.
In its 2012 World Oil Outlook, OPEC comments that while the Asia-Pacific region is the major winner in absolute terms, Latin America will add the most capacity in relative terms, with the addition of around 800,000b/d in new capacity.
Brazil is anticipated to the biggest contributor of new capacity, with additions coming from state oil company Petrobras (NYSE: PBR) projects such as the 230,000b/d Abreu e Lima refinery in Pernambuco state, and the 30,000b/d Potiguar Clara Camar?o (RPCC) refinery in Rio Grande do Norte.
The expansions of existing refining projects in Colombia, Ecuador and Venezuela are also highlighted by the agency as key drivers in growing regional refining capacity.
According to OPEC estimates, a total of 1.7Mb/d in new refining capacity is expected to be added across Latin America through 2035.
This exceeds the cartels estimates for expected demand growth by around 400,000b/d, presenting the opportunity for increased regional exports.
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