China’s refining capacity could reach 695 million tons by 2015

A report by the Research Institute of Economics and Technology under the guidance of the China Petroleum Corp. (CNPC) has produced projections of China’s refining and petroleum products capacity. According to the institute, refining capacity in China could reach 695 million tons by 2015 which could be a serious overcapacity if demand does not keep pace with production. The institute points out that automotive sales may slow with the new energy saving and clean air policies. More current projections are that China’s refining capacity will reach 528.5 million tons in 2011, which is a 5% increase over 2010. Crude oil consumption is forecast to reach 471 million tons in 2011, a 7.2% increase. The crude oil stock pile capacity is forecast to increase by 30 million cubic meters. Natural gas consumption is projected to hit 130 billion cubic meters in 2011, while annual domestic gas output is expected to reach 150 billion cubic meters by 2015 and 200 billion cubic meters in 2020. (February 21, 2011)