Singapore — Chinese refineries will likely have to lower utilization rate in 2021 amid growing refining capacity and limited oil product outlets overseas, Han Bing, marketing director at PetroChina’s sales division said at an industry event in Shanghai.
Many investments were made earlier and cannot be culled although demand for some oil products will peak sooner than expected, market sources said separately and away from the conference.
The country is expected to add 440,000 b/d or 22 million mt/year of new capacity, set to be in commercial operation in 2021, in addition to the 260,000 b/d expected to come online in 2020, S&P Global Platts data showed. Read more…..
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