Oil refining is joining steel, coal and aluminium in the ranks of sectors hit by overcapacity in China, with increased production and a drop in truck transport forcing a wave of Chinese diesel sales into international markets.
The structural shift could dent returns for Asian and Middle Eastern refiners, including Saudi Aramco, after years of expansion to meet China’s needs as a net fuel importer.
The start-up of a 10m tonne-per-year refinery in Kunming , south-west China, accounts for about half the anticipated capacity expected to be added in the country this year, swelling an estimated 100m tonnes of existing excess capacity.
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