China's refining industry has embarked on a massive overhaul and expansion to accommodate soaring domestic growth in refined products demand. Currently that growth in demand is being met by increasing imports of refined products, in recent years attaining triple digit growth rates and squeezing direly needed foreign exchange. The focus is on adding refining capacity of about 1.4 million b/d to the current capacity of about 3.2 million b/d by 2000 (see Table 11, p. 40). Led by China National Petrochemical Corp. (Sinopec), efforts are under way to expand existing refineries and build new grassroots capacity. In 1992, Sinopec operated...

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