12 October 2010 17:12 [Source: ICIS news]
“Construction of commercial reserves surged significantly since the second half of 2009 amid increasing crude demand from refineries due to good refining margins and rising capacities,” said Li Li, a senior analyst with Chinese energy market intelligence service C1 Energy.
(C1 Energy is a wholly owned subsidiary of CBI China, in which ICIS is in the process of increasing its ownership stake.)
With new capacities coming on stream,
“Yet domestic output remains relatively stable, so the country has to keep expanding its crude imports. The imports may breach 5m bbl/day from 2012,” she said.
China's consumption of crude oil rose 15.1% year on year to 289m tonnes in the January-August period of this year, while consumption of naphtha surged 51.3% to 17.5m tonnes, Li said.
The country's consumption of lubricants in the first eight months of the year, including base oils, rose by 17.4% year on year to 7.21m tonnes, while consumption of bitumen grew 19.7% to 20m tonnes, according to Li.
Crude imports and throughput were expected to slip slightly in the second half of 2010 from the first half, with production expected to remain flat, Li added.
A total of 2.9m bbl/day of new capacity would be added in the 2011-2013 period, with refining capacity expected to exceed 14m bbl/day by 2013, Li said.
In addition, 11 new projects and expansions in
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