As per the Zhang, the global refining capacity hit 4.28 billon tons in 2008. Crude oil processing capacity was 327 million tons, among which China took up 7%. Among the 655 major oil refineries in the world, 53 refineries, or 8%, belong to China.
Zhang disclosed that China National Petroleum Corporation (CNPC), parent of PetroChina plans to construct 18 refinery bases of 10-million-ton. Their annual refining capacity is anticipated to reach about 300 million tons, including 150 million tons of sour crude processing capacity, accounting for 45% of the country’s total. The plan also included 12 large ethylene bases, with a combined annual production capacity of over 12 million tons, taking up one third of the nation’s total capacity.
Upon completion, CNPC’s annual crude oil processing capacity is anticipated to double the crude production capacity, and its ethylene capacity will equal to three percent of crude processing capacity, representing a reasonable business structure for major international oil companies.
Sinopec Group, parent company of Sinopec Corp. is planning on 13 modification and new projects. Zhang forecasted that the largest Chinese refiner would achieve a refining capacity of 328 million tons by 2015. CNOOC Limited is expected to finish the second-phase modification of its Huizhou plant in 2011, raising its annual refining capacity to 20 million tons. Based on this, CNOOC limited will commence research on further expanding annual capacity to 40 million tons.
