Hydrocarbon Processing - December 2021 - 7

Editorial
Comment
LEE NICHOLS, EDITOR-IN-CHIEF/ASSOCIATE PUBLISHER
Lee.Nichols@HydrocarbonProcessing.com
HPI spending forecast to reach nearly $490 B in 2022
INSIDE THIS ISSUE
Each year, the editors of Hydrocarbon
Processing provide the latest trends and
spending forecast for the hydrocarbon
processing industry (HPI). The HPI
Market Data 2022 provides HPI professionals
with information, data, regulations/government
initiatives, capital
spending, supply/demand and advancing
technologies that will affect the global
processing industries.
Global lockdowns and travel restrictions
due to the COVID-19 pandemic
have taken a significant toll on refined
fuels, petrochemicals and natural gas demand
globally. However, as restrictions
ease, demand and capital investments
in new processing capacity are increasing.
Where is demand/supply forecast
to go? What kind of capital investments
are being made in new processing capacity?
What regulations and government/
company initiatives will drastically affect
future spending? These questions, along
with major trends in the refining, petrochemicals,
gas processing/LNG, maintenance
and equipment sectors, are detailed
and analyzed in HPI Market Data 2022.
Spending. In 2022, the editors of Hydrocarbon
Processing forecast capital, maintenance
and operating spending to reach
$486 B (TABLE 1). Many capital projects
that were delayed during COVID-19 restrictions
have come back online. Gulf
Energy
Information's Global Energy
Infrastructure (GEI) database, which
tracks capital project construction in the
hydrocarbon processing and renewables
industries, has witnessed an uptick in
positive final investment decisions, as
well as the restart of several capital-intensive
projects worldwide. However, due
to the volatility of the global HPI, many
projects are still being delayed, while a
few have been abandoned.
In 2022, global maintenance and operating
expenditures-excluding feedstock
costs-are forecast to increase. Although
more than 1 MMbpd of refining
capacity was taken offline this year, new
grassroots facilities and large-scale integrated
complexes have begun operations.
In turn, operating expenditures are likely
to increase with this new capacity coming
online. In addition, utilization rates have
begun to increase in several regions, increasing
operating expenditures.
Active project market share. The GEI
database is tracking nearly 1,100 active
HPI projects around the world. In total,
these investments represent more than
$1.8 T in capital expenditures to 2035. At
42%, the refining industry holds the largest
active projects market share, followed
by the petrochemicals sector (34%) and
the gas processing/LNG sector (24%).
The Asia-Pacific region represents the
largest market share in both active projects
and capital expenditures.
HPI Market Data 2022. To learn more
about the major trends and initiatives that
are affecting spending in the global HPI,
the editors invite our readers to view an
on-demand version of Hydrocarbon Processing's
forecast webcast. A detailed analysis
on capital projects, regulations/initiatives
and supply/demand by country
is available within the HPI Market Data
2022 report, which can be purchased at
www.store.gulfenergy.com.
Capital
Maintenance
Operating
Total
TABLE 1. 2022 worldwide spending by budget, $B
U.S.
30
8
44
82
Outside U.S.
212
60
132
404
Total
242
68
176
486
22 Catalysts. New catalyst
technologies are advancing
refining and petrochemical processing.
This month's Special Focus section
features the latest catalyst technologies
that are helping refiners produce clean
fuels, while adhering to strict emissions
regulations.
35 Process Optimization.
Plants may not know where
to start to improve in areas such
as safety, environmental impact,
production rates, energy efficiency,
equipment reliability, etc. One way of
impacting all these areas is to treat the
plant's steam system as a crucial heat
asset and to implement a simple fourstep
program to protect and improve it.
45 Top Projects Awards.
The winners of Hydrocarbon
Processing's top refining and
petrochemical projects of 2021 are
revealed. The top projects were voted on
by hundreds of Hydrocarbon Processing's
subscribers around the world.
68 Instrumentation.
This article focuses on
instrumentation for semi-regenerative
catalytic reforming, which accounts
for 60% of reforming capacity
worldwide. More specifically, this
article will focus on the instrumentation
necessary to protect the catalytic
action and to optimize the process
to produce high-value reformate
and desirable byproducts.
73 Valves. Operating facilities
invest heavily in preventive
maintenance programs to mitigate risk
and ensure that pressure safety valves
are functioning exactly as per design
requirements. This article examines
several ways maintenance engineers
can strive towards asset integrity of
pressure safety valves.
Hydrocarbon Processing | DECEMBER 2021 7
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Hydrocarbon Processing - December 2021

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