The Economics and Technology Research Institute of China National Petroleum Corp said domestic refining capacity is expected to grow, as the government has approved several projects. — China Daily
BEIJING: China topped the ranking in oil refining capacity in 2022, at 924 million tonnes, or 18.5 million barrels per day, industry experts say.
Ethylene production capacity also continued to grow rapidly for a fourth consecutive year in 2022, with total capacity reaching 49.53 million tonnes per year, surpassing the United States and becoming the world’s largest, according to the China Petroleum and Chemical Industry Association.
Data released by the Economics and Technology Research Institute of China National Petroleum Corp (CNPC) showed that the country’s production capacity has been optimised, with China putting in place an advanced refining capacity of 20 million tonnes per year, while it phased out 7.4 million tonnes per year in outdated capacity.
The institute said domestic refining capacity is expected to grow, as the government has approved several projects, including the integrated refining and petrochemical projects of China National Petroleum Corp and China National Offshore Oil Corp.
China’s recent wave of refinery expansion, led by CNPC as well as large private firms including Zhejiang Rongsheng Holding Group and Jiangsu Shenghong Petrochemical, has helped fill a supply gap in petrochemicals, according to Fu Xiangsheng, vice-president of the China Petroleum and Chemical Industry Association. — China Daily/ANN
