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Refining is the process of reducing the impurities in a substance. You can't turn crude oil into gasoline without first refining it. Refining is nowadays most commonly associated with the processing of petroleum products such as oil and gas, but it also applies to precious metals, especially those used in jewelry. Sugar is another substance that undergoes refining, which makes it less grainy and more consistent.
Excerpt from Petroleum Refining Industry Profile. Companies in this industry refine crude oil to produce fuel and other products. Major companies include Chevron, Exxon Mobil, and Valero (headquartered in the US); BP (UK); and Royal Dutch Shell (the Netherlands).Worldwide, the petroleum refining industry processes about 95 million barrels of crude oil each day, including about 18 million barrels per day refined in the US.The countries with the largest refining capacity are the US, China, Russia, India, Japan, and South Korea.ajor companies include Chevron, Exxon Mobil, and Valero (headquartered in the US); BP (UK); and Royal Dutch Shell (the Netherlands). Worldwide, the petroleum refining industry processes about 95 million barrels of crude oil each day, including about 18 million barrels per day refined in the US.