Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

China’s State Refiners Led Record Oil Processing Volumes in 2021

CommoditiesJan 17, 2022 16:32
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Bloomberg. Cyclists ride past a PetroChina Co. gas station in Shanghai. Photographer: Qilai Shen/Bloomberg 2/2

(Bloomberg) -- China’s oil processing volumes rose more than 4% to a record last year as state-owned refiners boosted output and new integrated plants came online.

Crude refining climbed to 703.55 million tons, or 14.13 million barrels per day, according to data released Monday by National Bureau of Statistics and Bloomberg calculations. That was 4.3% more than in 2020 and 7.4% higher than 2019. Daily volumes in December were down 4.7% on the previous month. 

China Petrochemical Corp. and PetroChina Co. raised gasoline and diesel output in the second half of 2021 to fill in supply gaps left by independent processors. These refiners, known as teapots, cut production due to a consumption tax on dirtier feedstocks including light-cycle oil that took effect in June. The two state-owned behemoths also ramped up diesel output last quarter to avert an energy supply crisis after the prices of coal to gas soared in the autumn. 

Refining volumes are likely to continue rising this year as new plants -- such as Shenghong Group’s 320,000 barrel-a-day integrated refinery and PetroChina’s 400,000 barrel-a-day Guangdong complex -- start operations. 

China’s crude output, meanwhile, rose 2.4% in 2021 from a year earlier to 199 million tons, the statistics bureau data showed. CNOOC (NYSE:CEO) Ltd. boosted production at the Bohai field, making it the largest crude producer in China. Bohai produced 30.13 million tons last year, or about 605,000 barrels a day, surpassing PetroChina’s Changqing and Daqing fields to become the largest in the country.

©2022 Bloomberg L.P.

China’s State Refiners Led Record Oil Processing Volumes in 2021
 

Related Articles

Gold Rises 2% on Week; First Weekly Win in Five
Gold Rises 2% on Week; First Weekly Win in Five By Investing.com - May 21, 2022

By Barani Krishnan Investing.com -- Gold prices rose 2% on the week to give longs in the game their first weekly win in five. While they may have secured a break from their gloom...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email