China surpassed U. S. in oil refining and took first place in the world
2023.02.17 02:09
China surpassed U. S. in oil refining and took first place in the world
By Kristina Sobol
Budrigannews.com – An official in the industry said on Thursday that in 2022, China’s oil refining capacity will surpass that of the United States. However, China’s production of fuel products will fall behind that of the United States due to low utilization rates.
In 2022, China’s total refining capacity increased to 920 million tonnes per year, or 18.4 million barrels per day (bpd), according to China Petroleum (OTC:) vice president Fu Xiangsheng. and Chemical Industry Association, as reported by journalists.
The International Energy Agency’s most recent oil market report indicates that stands in contrast to the 17.6 million barrels per day of refining capacity in the United States as of December.
State-owned PetroChina and large private companies like Zhejiang Rongsheng group and Jiangsu Shenghong Petrochemical have led China’s recent wave of refinery expansions, primarily to fill a supply gap in petrochemicals rather than transportation fuels.
According to the association, China produced less than 700 million tonnes (5.1 billion barrels) of refined products last year, with an average plant utilization rate of around 70%. In contrast, the United States produced more than 800 million tonnes, with an average utilization rate of more than 90%.
According to the association, China has 32 refineries that each have a capacity of at least 200,000 barrels per day. One recent example of the country’s expanding capacity is the opening of a new facility built by PetroChina in Jieyang, which is in the province of Guangdong.
