You are here

Cheap oil bonanza eludes Chinese refiners

Overcapacity, further expansion plans and falling fuel demand has industry over a barrel

SHRINKING PROFITS: Profits at state-owned plants such as those run by China Petroleum & Chemical Corp are also shrinking as Moody's expects demand growth to slow to 3-5% in 2015 from 10% in 2010-2012.


HUANG Haidong misses the flush times in 2010 when his refinery in eastern China couldn't produce diesel fast enough to fill the trucks lined up outside.

"There was a fuel shortage," said Mr Huang, who works as a supply manager at one of 40 "teapot" or small, privately held...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to