Refining capacity of Chinese major refiners is expected to maintain an average annual growth rate of about 6-6.5% in the 12th Five-Year Plan period (2011-2015), and most of the new refining
capacities are expected to come on stream from late 2013, according to ICIS C1 Energy data.
However, the country’s gasoline demand growth is expected to be only 5% in the five years ending
2015 and gasoil demand may rise at a slower pace, if factors such as environmental protection,
traffic congestion, high oil prices and the development of alternative energy are taken into
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