Chinese product exports to displace oil demand elsewhere

摘要

China's Sinopec Corp. plans to raise its oil products exports in 2010 by almost 50% to 10 million mt, according to company president Wang Tianpu. The increase in exports reflects the difference in growth rates between domestic fuel sales and refinery capacity and throughput. Increases in the former are lagging growth in the latter, which means a surplus of oil products that has to be either stored or exported.