To meet the rapid growth of energy demand in South Asia, KBC (A Yokogawa Company) today announced it has been awarded Profit Improvement Programs (PIP) for four oil refineries in the region. The PIPs, which are focused on improving techno-economic aspects of refinery operations, will deliver enhanced safety, reliability and profitability outcomes to enable organic re-investment and stronger delivery on respective refinery sustainability goals.
While global oil demand is expected to peak within the next 20 years, oil demand in the South Asia region is expected by KBC to more than double in that time frame to more than 10 million barrels per day. Consequently, the South Asiarefining industry continues to attract significant investment to boost production capacity through both new projects and the optimization of existing assets. In the last three years, KBC observes that South Asian refiners have announced investment plans in excess of US $90 billion across the sector.
"We continue to lead asset optimization campaigns across the refining industry, worldwide. This further reinforces KBC as the world leader in refinery profit improvement, having already undertaken profit improvement programs at over 50 per cent of the world's oil refineries," comments Andrew Howell, CEO of KBC. "Our PIP projects continue to assure capital efficiency for our customers by developing the necessary operational flexibility and identifying strategic investments to maintain competitiveness and deliver on their Sustainable Development Goals."
Following a competitive tender process, KBC was selected to identify and implement a series of on-site productivity and efficiency improvements across each of the refineries. Utilizing its global resource base and market-leading simulation and optimization technology, KBC expects to deliver collective customer financial benefits of over US $150 million per annum.