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PetroChina: China’s excess refining capacity rises to 120- mil mt in 2019

2019/02/22 12:00

A report issued by CNPC Economics & Ecology Research Institute said that with some large independent refineries coming into operation, China's crude oil processing capacity will increase by 32-mil mt per year in 2019, and the total refining capacity will reach 863-mil ton per year. Excess capacity will rise to around 120-mil mt per year, an increase of one third over the same period last year. In 2018, the domestic refining capacity surplus was about 90-mil mt per year.

The new capacity of refineries in 2019 mainly comes from Zhongke (Guangdong) Refinery & Petrochemical Company Limited (ZRPC), Zhejiang Petrochemical (ZPC) and Shandong independent refineries. Among them, ZRPC has a new capacity of 10-mil mt per year; ZPC (Phase I) has a new capacity of 20-mil mt per year. And three Shandong independent refineries also have a total new capacity of 12-mil mt per year. Besides these, 10-mil mt of backward capacity will be eliminated this year.

This year, the refining capacity of independent refineries is expected to increase to 235-mil mt per year, accounting for 27.2% of the total refining capacity in China, compared with 25.6% last year.

Crude throughput at refineries in China is expected to rise to 634-mil mt in 2019, up 4.7% on year. The average operation rate of refineries in China is seen to rise to around 74%. The output of products is expected to be 379-mil mt, up 3.8% on year. Net export of products is forecast to reach 48.6-mil mt.

 

 

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