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(Bloomberg) China’s ever-expanding oil refining capacity will increase competition among crude processors around the world and weigh on their margins, the nation’s biggest energy producer said.
Refining capacity will reach 900 million tons this year and rise to 980 million tons by 2025, according to a report from Economics & Technology Research Institute, which is affiliated with China National Petroleum Corp. Capacity will outstrip local demand by at least 160 million tons a year by 2025, CNPC said.
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China’s Mega-Refineries Throttling Other Asia Oil Processors
Sun Online Desk
SK Innovation’s oil refinery facilities in Ulsan, South Korea. Photographer: SeongJoon Cho/Bloomberg
The rise of China’s mega-refineries was always going to make life tougher for their competitors across Asia. But the fallout from Covid-19 is hastening the impact and accelerating consolidation across the region.
A frenzy of refinery building in China is set to make the nation the world’s largest crude processor this year. At the same time, a drive to de-carbonize Asia’s biggest economy means demand for fuels like diesel and gasoline will decline, potentially leading to more exports from the new facilities.
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