17 April 2014 14:17 [Source: ICIS news]
SHANGHAI (ICIS)--China’s refinery capacity will hit 800m tonnes/year by 2020 if all the new projects planned are started up, because the capacity expansion will outpace domestic demand growth for oil products, a senior engineer of PetroChina said on Thursday.
China’s oil product exports had increased significantly in recent years because of weak demand and an oversupply in the country, hence macro controls are needed to curb over-expansion in the domestic refinery sector, said Jin Yun, senior engineer at PetroChina’s economics & technology research institute.
China’s refinery capacity was estimated at 650m tonnes/year in 2013, he said, speaking at the 8th China Petrochemical Focus, a two-day event that ends on Friday.
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