Chinese Refining Capacity to Double Demand

China’s refining capacity will rise at almost twice the pace of demand growth this year, curtailing the need for the world’s second-biggest energy user to boost imports that are at a seven-month low. The nation’s annual crude-processing capacity may climb 9.6 percent to 434.05 million metric tons, or 8.7 million barrels a day, this year, Bloomberg calculations based on previously announced expansions show.

Refining capacity at PetroChina Co., Sinopec, as China Petroleum is known, and Cnooc Ltd., may rise about 4.3 percent to 452.55 million tons in 2009 and 5.97 percent to 479.55 million tons in 2010, according to the Bloomberg calculations. China cut diesel and gasoline imports to the lowest in seven months in September after a slowing economy eased demand, customs figures showed Oct. 17.

- The China Post

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