China Oil Refining Capacity to Soar in 2024, Association Says

SHANGHAI, Apr 26 (SMM) –The expert interpretation meeting of the Blue Book on the Development of China's Petroleum Circulation Industry (2022-2023) was held in Beijing on April 25. Wang Nengquan, member of the Expert Committee of the China Petroleum Circulation Association and former chief economist of Sinochem Energy, said at the meeting that as consumption and production activities return to normal, the overall demand for refined oil products will show a steady growth trend.

In the first quarter of this year, the crude oil processing volume of the main refineries increased significantly, and the average operating load increased significantly compared with the fourth quarter of last year, resulting in an increase of 10.03% in refined oil production to 106 million mt.

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Wang Nengquan predicts that in 2023, China's oil refining capacity may increase to 980 million mt, and it is possible to reach the 1 billion mt mark in 2024 ahead of schedule.