China’s Oil Giant Sees New Refineries Threatening Global Profits
- Processing capacity to grow to 980m tons a year by 2025: CNPC
- Capacity to outstrip local demand by 160m tons a year in 2025
This article is for subscribers only.
China’s ever-expanding oil refining capacity will increase competition among crude processors around the world and weigh on their margins, the nation’s biggest energy producer said.
Refining capacity will reach 900 million tons this year and rise to 980 million tons by 2025, according to a report from Economics & Technology Research Institute, which is affiliated with China National Petroleum Corp. Capacity will outstrip local demand by at least 160 million tons a year by 2025, CNPC said.