A new report from research and consulting firm GlobalData estimates that the global refining capex will reach about $333 billion between 2014 and 2020, or about $48 billion and 1.6 thousand barrels per day annually.

The report states that 46% of the total expenditures will be in Asia, with 17% in China, 12% in India and 17% in the rest of Asia. Asia’s share of global capex is the result of national oil companies (NOCs) increasing capacity levels in China, India, Vietnam, Indonesia, Malaysia and Pakistan.

Expenditures in the Middle East will account for 23% of capital spending, with NOCs building capacity in Saudi Arabia, Kuwait, Iraq, Iran and the United Arab Emirates.

“Thanks to the planned construction of efficient, large and complex grass-root refineries, such as cracking and coking facilities, along with various expansion projects, refining expenditures in the Middle East and Asia are forecast to represent a combined 70% share of the world’s total spending,” said Carmine Rositano, GlobalData’s managing analyst covering downstream oil and gas. “Elsewhere, the capex for Latin America (including Mexico), Africa, the former Soviet Union and the United States is forecast at 18%, 8%, 4% and 1% of the global total, respectively.”