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By 1993, internal demand for oil exceeded domestic production, and China became a net oil importer. [10] China became dependent on imported oil for the first time in its history in 1993 due to demand rising faster than domestic production. [4] In 2006, it imported 145 million tons of crude oil, accounting for 47% of its total oil consumption.
China has set a minimum size for new oil refineries and will ban small crude processors that claim to be chemicals or bitumen producers under a plan to limit total capacity at 1 billion metric ...
Already the world's No.2 oil refiner after the United States, China added 800,000 barrels per day (bpd) of capacity last year - 80% of the United Kingdom's refinery throughput - and analysts ...
CNPC is the government-owned parent company of publicly listed PetroChina, which was created on November 5, 1999, as part of the restructuring of CNPC.In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its hydrocarbon exploration and production, refining and marketing, chemicals and natural gas businesses.
In 2008, the CNPC planned to construct a ten-million-ton oil refining plant in Gaopu Zhen of Anning city, 40 kilometres (25 mi) away from Kunming, the capital of Yunnan province. [ 14 ] [ 21 ] With an investment of 20 billion yuan, the plant was to produce 6.5 million tons of PX annually. [ 12 ]
The oil market could see a surplus of one million barrels of crude a day in 2025, the IEA forecast. The excess will be driven by low demand in China and booming output from non-OPEC countries.
HOUSTON (Reuters) -Oil prices were little changed on Monday, as hopes of stronger demand stemming from higher factory activity in China was largely offset by concerns that the U.S. Federal Reserve ...
The Xingang Port oil spill is a spill that occurred in July 2010 caused by a rupture and subsequent explosion of two crude oil pipelines that run to an oil storage depot of the China National Petroleum Corporation in Xingang Harbour, Dalian, Liaoning Province, China. The 1,500 tonnes of oil spilled from the pipes created a 180 km 2 (69 sq mi ...