Asian oil refiners face 5 years of thin margins

SINGAPORE: Asian oil refiners face weak margins for turning crude into fuel over the next five years, and may be forced to run plants at reduced rates as start-ups in China and India keep capacity well ahead of demand.

China and India, already with nearly half of Asia's more than 30 million barrels per day (bpd) of refining capacity, are cranking up another 2.5 million bpd this year and next that was approved a few years back to feed rapidly expanding economies.