CNPC: China’s 2011 refining capacity to rise by 5%

China’s refining capacity may rise by 24.50 million metric tons per year to 528.5 million tons in 2011, up 5% over 2010, according to a forecast by the Research Institute of Economics and Technology which is part of China National Petroleum Corp. (CNPC). According to the institute, China’s refining capacity would further rise to 695 million tons in 2015, suggesting that China’s refining overcapacity would be more serious in the following years if no new growth points push up China’s oil products demand. (February 21, 2011)