April 09, 2010

China Could Become Oil Exporter Again

Long before the Panic of '08 Chinese oil majors planned major expansion of China's oil refining capacity. There are at least 10 major oil refineries or new capacity underway throughout China. According to 2009 data there are around 177 oil refineries of which 78 major refineries are owned by the Chinese oil majors and foreign joint ventures. By contrast the USA has around 150 oil refineries and no new construction for almost 30 years! The new refineries may add 3.7 million barrels per day of capacity by 2013.

In January China National Offshore Oil Corp. (NYSE:CEO) obtained license to export refined oil products. Just a year ago the company opened a new refinery at Huizhou, Guangdong, that is being upgraded to refine up to 22 million tons of oil per year.

If Beijing's big push for alternative energy is successful will all the new refined oil production be needed in China? Or could it end up exported onto Asian or international markets?

Labels: , , ,

Comments: Post a Comment

Subscribe to Post Comments [Atom]

<< Home

This page is powered by Blogger. Isn't yours?

Subscribe to Posts [Atom]