What does Oil Refinery mean?
A chemical plant where crude oil is processed, refined and converted into gasoline, naphtha, diesel, jet fuel, asphalt base, heating oil, kerosene and liquefied petroleum gas.
Futures Knowledge Explains Oil Refinery
Crude oil is made up of hydrocarbons – chains of carbon atoms and hydrogen atoms.Refining is a chemical process which breaks the chemical bonds that link these chains together. Longer, heavier molecules of crude oil are transformed into lighter ones such as gasoline and other petroleum products.
The world largest refinery hub is in India followed by Venezuela. The world has total refinery capacity of 92.5 million barrel oil per day.