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
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 consume, Fu Chengyu, former chairman of Asia's largest refiner China Petrochemical Corp (CPC), said this month in Beijing. About one-quarter of the country's refiners will be idle this year, according to consultant FGE and the research arm of China National Petroleum Corp (CNPC), the nation's biggest energy company.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish
Gold edges down as Middle East worries ebb