Reports are suggesting that PetroChina’s planned 200,000-barrel-per-day (bpd) oil-refining project in southwestern China’s Guangxi province is developing smoothly, with construction almost 40% complete.
The oil refining industry is under increasing scrutiny at present, as discovered by the August issue of gasworld magazine, as the struggle to keep up with demand takes hold and rising prices hit consumers where it hurts – in the pocket.
The US Energy Information Administration (EIA) projects that this demand for oil will continue to grow, reaching 118 million bpd in 2030 and with two-thirds of this growth down to transportation fuels. Asian countries, particularly China and India, are apparently expected to consume 43% of the extra oil supply.
A report from Marketwire now cites the ongoing Guangxi province refinery project as enabling Beijing’s PetroChina to have a presence in the booming market of southern China, which traditionally has been dominated by Sinopec.
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