Development and Prospects for China’s Oil and Natural Gas
6. Reﬁning and distribution REFINERY RESOURCES AND PROSPECTS China’s oil reﬁnery capacity in 2005 had reached 270 mmt of crude oil per annum. This is a large ﬁgure, exceeded only by the reﬁning capacity of the USA and Japan. In the same year China’s production of crude oil and consumption of petroleum products were 181 mmt and 317 mmt respectively. We see, therefore, that not only was China’s reﬁnery capacity signiﬁcantly below that needed for domestic self-suﬃciency, but much capacity was also being used to reﬁne crude oil imports. As we have seen, on present estimates of domestic output it is likely that China’s imports of crude oil and oil products will need to rise to 138 mmt and 48 mmt respectively by 2010, lowering the oil self-suﬃciency rate to 46 per cent as compared to 71 per cent in 2000. The sources of these imports will have an important bearing on plans for the reﬁnery sector. In the year 2000, the ﬁrst and second largest sources of imports to China were Oman and Angola. These supplied 22.2 per cent and 12.3 per cent of total imports respectively. Iran and Saudi Arabia took the next two places with shares of 10 per cent and 8.2 per cent. Of these sources, crude oil from the ﬁrst two are low in sulphur content, while the latter are high-sulphur oils. If we consider also the contributions of Indonesia, Vietnam and the North Sea, we...
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