Market Eye: Execs See Refining Surplus, Slowing Demand in China

摘要

State China National Petroleum Corp. (CNPC) predicts that China's total refining capacity will increase to 750 million tons per year (15 million barrels per day) by 2015, of which 220 million tons/yr would be surplus capacity, a senior CNPC analyst told an industry gathering in Beijing Wednesday. The expected surplus capacity in 2015 is a result of huge expansion plans by state-run refiners and private teapot refiners, and relatively slower oil demand growth, according to the analyst.