PetroChina Spends Billions on Oil Refineries as Demand Soars

TOKYO, JAPAN--September 8, 2010--Researched by Industrial Info Resources (Sugar Land, Texas)--In the latter half of the 1990s, China implemented policies that led to the eventual shutdown of more than 100 small oil refineries, most of which were producing low-quality petroleum products. Since then, mainly due to excess numbers, many oil firms have focused on updating existing facilities rather than building new ones. However, China has expanded its search for oil to fuel the petrochemical industry and a growing love affair with automobiles. In 2003, it passed Japan to become the world's second-largest petroleum consumer, and by 2004 it had refinery outputs of more than 4,500 barrels per day. By 2009, refinery outputs had reached just more than 7,500 barrels a day, which is about 10% of the world total.

Other companies featured: PetroChina Company Limited (NYSE:PTR)