China’s government continues to approve new refinery projects, despite widespread recognition that the country has excess capacity. Downstream investment by the big state-run oil firms is constrained. But the removal of many former restrictions on crude imports and processing has encouraged the operators of independent refineries, known as teakettles, to plan new capacity. The combined crude capacity of large-scale refineries will expand by 370,000 b/d this year, to over 12mn b/d, if all plans go ahead.
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