Surplus oil refining capacity to rise, says CNPC unit
China's surplus oil refining capacity will increase by 120 million metric tons this year as more private refinery projects commence operations, a leading industry body said.
Total oil refining capacity for this year is expected to be around 863 million tons, with the primary processing capacity of crude rising by 32 million tons, said a report released on Wednesday by China National Petroleum Corp's Economics and Technology Research Institute.
According to the institute, momentum remained strong in China for further expansion of refining capacity, though the efforts to eliminate overcapacity have been lagging. The country also achieved net gains of 22.25 million tons from the primary processing of crude oil, more than half of the global net growth.
