In China, several sectors, including energy, machinery manufacturing, electricity, chemicals and metallurgy, have continued to expand rapidly in recent years. As a result, demand for crude oil and finished oils, including heating oil and diesel fuel, has been strong over the past five years. The strong performance of the auto sector, in particular, has added to the national oil consumption on a substantial scale, and made it a significant driver of growth for the China crude oil processing market and petroleum product processing industry. Revenue for the industry has been growing at an annualized rate of 17.3% since 2008 to an estimated $710.90 billion in 2013.
Petroleum resources, as well as the majority of factories that process crude oil and produce petroleum products, are controlled by state-owned enterprises. China National Petroleum Corporation and Sinopec Group, whose combined revenue accounts for over 80.0% of total industry revenue, dominate. Crude oil output was 205 million tons in 2012, over 80.0% of which was from the top two companies.
Many new refining projects are being started while existing projects continue to expand. The adoption of new technology has further improved industry firms' processing capacity, especially in terms of high-sulfur crude oil processing.
For more information on the China crude oil processing market, please click here: China crude oil processing market
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