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| 13 June, 2018

IEA increases 2018 refining additions to 1.8mln bpd

For 2019, the IEA expects additions of 1.4million bpd, down 80,000 bpd from earlier estimates.

Image used for illustrative purpose. A worker prepares to label barrels of lubricant oil at the state oil company Pertamina's lubricant production facility in Cilacap, Central Java, Indonesia November 6, 2017 in this photo taken by Antara Foto. Picture taken November 6, 2017. Antara Foto/Rosa Panggabean/ via REUTERS

Image used for illustrative purpose. A worker prepares to label barrels of lubricant oil at the state oil company Pertamina's lubricant production facility in Cilacap, Central Java, Indonesia November 6, 2017 in this photo taken by Antara Foto. Picture taken November 6, 2017. Antara Foto/Rosa Panggabean/ via REUTERS

LONDON- * The International Energy Agency updated its outlook on global refining capacity additions for 2018 and 2019 in its monthly Oil Market Report

* For 2018, the IEA expects an increase of 1.8 million barrels per day of refining capacity, compared with the previous estimate of 1.3 million bpd

* The additional 500,000 bpd comes from several sources: the shutdown of Saudi Arabia's Jeddah refinery is now attributed to 2017, not 2018; the start-up of Turkey's new refinery at Izmir is brought forward to 3Q18 from 2019; Iran's third condensate splitter in the Persian Gulf Star complex is now expected to be completed in 4Q18, versus 2020; minor additions in Iraq totalling 70,000 bpd by end-2018

* For 2019, the IEA expects additions of 1.4 million bpd, down 80,000 bpd from earlier estimates. That is due to the start-up of the 400,000-bpd Jazan refinery in Saudi Arabia and two Chinese petrochemical plants (Hengli Petrochemical, Zhejiang Petrochemical)

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* The IEA removed CNOOC's 70,000-bpd addition at the Ningbo Daxie refinery.

(Reporting by Ron Bousso; Editing by Dale Hudson) ((ron.bousso@thomsonreuters.com; +44 (0) 2075422161; Reuters Messaging: ron.bousso.reuters.com@reuters.net))