Nicolas DuPuis, CME Group
AT A GLANCE
Economic growth returned to China in late 2020, and with it came capacity expansion for oil refineries
Four Chinese refinery projects in development could make up more than the entire capacity of the UK
In the global refining industry, COVID-19 has exposed a seismic shift. While China’s oil refineries forge ahead with capacity expansion, many western-based refiners have retrenched. As China again hits the stimulus pedal, this year it is expected to officially surpass the U.S. as the world’s largest oil refiner according to the International Energy Agency (EIA).
This can be partly explained by China’s head start in recovering from the pandemic. While much of the world remains under varying states of lockdown, China’s economic growth hit 6.5% in the fourth quarter of 2020, meaning that it grew 2.3% for the full-year. It is the only major economy to have expanded in 2020.
Why China Will Be the World s Largest Oil Refiner in 2021 msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
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In the global refining industry, COVID-19 has exposed a seismic shift. While China’s oil refineries forge ahead with capacity expansion, many western-based refiners have retrenched. As China again hits the stimulus pedal, this year it is expected to officially surpass the U.S. as the world’s largest oil refiner according to the International Energy Agency (EIA).
This can be partly explained by China’s head start in recovering from the pandemic. While much of the world remains under varying states of lockdown, China’s economic growth hit 6.5% in the fourth quarter of 2020, meaning that it grew 2.3% for the full year. It is the only major economy to have expanded in 2020.
Niger-Benin pipeline ceremony due May 20
Benin plans to officially begin work on a crude oil export pipeline on May 20.
The Niger-Benin pipeline first stone laid, in 2019
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Benin plans to officially begin work on a crude oil export pipeline on May 20.
Benin President Patrice Talon will participate in the official launch of construction on May 20, the Ministry of Water and Mines announced. A ceremony will be held on the site of the Sèmè-Kpodji station.
Daqing Oil worker emphasizes study, innovation By TIAN XUEFEI and ZHOU HUIYING in Harbin | China Daily | Updated: 2021-05-17 08:37 Share CLOSE Liu Li repairs a valve at Daqing Oilfield in Heilongjiang province. [Photo provided to China Daily]
Six months later, Liu Li still feels a thrill when she remembers the moment she received the National Role Model Worker medal at a gathering in Beijing s Great Hall of the People in honor of model workers and other exemplary individuals last November.
In fact, the industrious 47-year-old has received a number of awards for her work ethic, professionalism and technical innovations since joining the second oil extraction plant at the Daqing Oilfield Company, a subsidiary of the China National Petroleum Corp, in 1993.