Economics
Refining Margins 51% Decline May Worsen in Asia: Energy Markets
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The combination of slowing Chinese economic growth and expanding refineries means this year’s 51 percent decline in profit margins from turning crude into gasoline, diesel and kerosene is poised to worsen.
China National Petroleum Corp. says the amount of oil the nation can process will rise to 490 million metric tons this year from 429 million in 2009. The world’s biggest energy consumer is likely to generate a surplus as much as 15 million metric tons (110 million barrels) this year, possibly boosting second-half net exports by 68 percent to 9.4 million tons from the first six months, Gong Manying, a market-research director at PetroChina Co., said in an Aug. 16 interview from Beijing.