Chinese downstream development depends on GDP growth

China, a key country in the worldwide downstream petroleum industry, has had the largest influence on global refined product demand growth. The influence of China on Asian and global refined product markets has grown proportionately to its economy and will continue to do so in the near future.China Petroleum & Chemical Corp. (Sinopec), China National Petroleum Corp. (CPNC), and China National Offshore Oil Corp. (CNOOC) have been cutting deals to access energy resources around the world. The companies have also actively been expanding refining capacity, a trend that will continue in the long term.China’s overall challenge is to sustain its economic growth and relieve the pressure...

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