China's largest oil refiner, Sinopec, is expected to operate at more than 90% of capacity this year at its 25 refineries after a 27% increase in the number of vehicles sold last year in China.
Sinopec processed 4.57% more crude oil than its target last year, as a surge in demand in the second half more than offset the slowdown effect of the SARS outbreak.
The liberalization of China's refined oil import quota system at the start of this year will result in higher imports and help relieve the country's diesel shortage problem.
Sinopec forecast this year's demand for refined oil products would rise 5%.
You must log in to post a comment.