Refineries of Sinopec and PetroChina, China's two major oil producers, have pulled out all stops. However, China still needs a refining capacity of 17 million tons to meet the demand, the report said.
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China's Oil Consumption to Rise 7%
Refineries of Sinopec and PetroChina have pulled out all stops
China's oil consumption would rise by 5.4 percent to 7.0 percent, according to a report of the National Development and Reform Commission.
Given the global oil price at a high level of 55 to 65 U.S. dollars, the transport sector would consume 75 percent of the oil since auto consumption has entered a reasonable and stable-growth phase, it said.
Refineries of Sinopec and PetroChina, China's two major oil producers, have pulled out all stops. However, China still needs a refining capacity of 17 million tons to meet the demand, the report said.
Refineries of Sinopec and PetroChina, China's two major oil producers, have pulled out all stops. However, China still needs a refining capacity of 17 million tons to meet the demand, the report said.
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