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China's oil refining glut so far spared the overcapacity axe

Unlike for coal and steel, demand for oil still growing, with crude use up 5.6% last year

"The overcapacity in China's oil refining industry is worse than that in steel" because capacity is still being added while demand growth slows, says the former chairman of Asia's largest refiner CPC.

Hong Kong

WHILE China's coal miners and steelmakers face production and workforce cuts, the country's push to shrink industrial overcapacity has so far spared oil refining.

China's expanding refining industry can already provide one-third more fuel than the country can currently

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