Oil re­finer­ies run be­low 70 per­cent

China Daily (USA) - - BUSINESS -

China’s over­sup­ply of petroleum prod­ucts will worsen, as its oil re­finer­ies are run­ning be­low 70 per­cent ca­pac­ity, said an in­dus­try in­sider. “Over­ca­pac­ity has long plagued re­finer­ies, and the dip­ping of the global crude price has made over­ca­pac­ity ever more prom­i­nent,” said Cui Guan­glei, deputy head of the re­fin­ery di­vi­sion of Sinopec, China’s largest petroleum re­fin­ery. On the con­sump­tion side, China is us­ing more gaso­line and less diesel, Cui said. Sinopec saw over­all petroleum sales rise 3.1 per­cent in the first half of the year, with gaso­line up 12.5 per­cent but with diesel fall­ing.

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