by Bloomberg |Thursday, May 06, 2021 Asian refiners are expanding at a breakneck pace, even building massive new plants designed to run for at least half a century. (Bloomberg) -- Predictions of peak oil and the impending demise of fossil fuels will hit Asian oil refiners especially hard. The region is home to three of the top four oil-guzzling nations, and more than a third of global crude processing capacity. Yet, Asian refiners are expanding at a breakneck pace, even building massive new plants designed to run for at least half a century. What is going on? After a century of powering the world’s vehicles, oil refiners are having to plan for an oil-free future in mobility as cars begin switching to batteries, ships burn natural gas, and innovation brings on other energy sources such as hydrogen. Goldman Sachs Group Inc. predicts oil demand for transportation will peak as early as 2026.