China’s Mega-Refineries Throttling Other Asia Oil Processors
- Plants in South Korea, Taiwan struggling to recover from virus
- Diesel, gasoline exports from China surging this year: Vortexa
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The rise of China’s mega-refineries was always going to make life tougher for their competitors across Asia. But the fallout from Covid-19 is hastening the impact and accelerating consolidation across the region.
A frenzy of refinery building in China is set to make the nation the world’s largest crude processor this year. At the same time, a drive to de-carbonize Asia’s biggest economy means demand for fuels like diesel and gasoline will decline, potentially leading to more exports from the new facilities.