China predicts increase in demand for refined oil products

China’s Ministry of Industry and Information Technology (MIIT) said that the country’s demand for refined oil products is expected to increase at an average rate of 5.5% per annum through 2015. A five-year industry development plan prepared by the ministry estimates that from 2010 until 2015, fuel demand will rise from 245 million tons in 2010 to 320 million tons in 2015. Ethylene demand is expected to grow by 5.1% yearly, reaching 38 million tons in 2015. Crude refining capacity is forecast to reach 600 million tons per year by 2015, while ethylene production capacity is forecast to reach 27 million tons per year. (February 3, 2012)