As oil demand surges, China adds and expands refineries

China’s refining industry has reorganized and expanded since the late 1990s. The reorganization led to the formation of Chinese National Offshore Oil Co. (CNOOC) and two integrated oil companies-China Petrochemical Corp. or Sinopec (together with its publicly listed subsidiary Sinopec Corp.) and China National Petroleum Corp. or CNPC (and its publicly listed PetroChina).Sinopec-Sinopec Corp., and CNPC-PetroChina are dominating China’s refining business.In reorganizing, China has closed small refineries and slashed inefficient capacities totaling more than 600,000 b/d since 1999; overall, the entire refining industry has been expanded, revamped, and upgraded.The high growth of ...

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