China's refining capacity has been expanding rapidly since 2005, and this expansion era will not conclude until 2013. It is estimated that a total number of 3.7 million barrels per day new capacity will come on stream during 2010–2013. Meanwhile, China's demand for refined oil will remain stable during the period. Export therefore becomes a must for Chinese oil producers. This dramatic change will have a butterfly effect on the Asia-Pacific oil market, and even the international market.
The topic of China as a future refined oil exporter will be discussed in the 11th China Oil Traders' Conference (COTC), an annual oil event and the 'APPEC' in China, which will be held by CBI in March 2010. Acknowledged as a serial conference with the largest scale, highest level and the most practical content, COTC has attracted over 400 participants every year in the past ten years.
