Caixin: China’s Growing Oil-Refining Overcapacity to Fuel Surge in Exports
China’s total refining capacity will grow by 27 million tons to reach 887 million tons in 2020, helping push exports up 18% to 64.5 million tons from last year’s 54.66 million tons, the CNPC Economics & Technology Research Institute (ETRI) said in a report on Monday, putting China on a path to overtake South Korea as the largest oil exporter in the Asia-Pacific region.
...The rise in excess capacity also comes as growth in domestic demand slows.
...Continued growth of refining capacity is largely a function of local government support in an effort to boost economic development, said Wang Lining, head of oil market research at the CNPC ETRI.
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