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San Francisco, CA (PRWEB) January 16, 2013
In China, demand for crude oil and finished oils, including heating oil and diesel fuel, has been strong over the past five years. The strong performance of the auto sector, in particular, has added to the national oil consumption on a substantial scale, and made it a significant driver of growth for the Crude Oil and Petroleum Product Processing industry in China, says IBISWorld. Revenue for the industry has been growing at an annualized rate of 22.6% since 2007 to an estimated $599.4 billion in 2012.
Petroleum resources, as well as the majority of factories that process crude oil and produce petroleum products, are controlled by two state-owned enterprises: China National Petroleum Corporation and Sinopec Group. Their combined revenue accounts for over 80.0% of total revenue for the Crude Oil and Petroleum Product Processing industry in China, says IBISWorld.
Over the next few years, several new large projects will be built by the parent companies of the large-scale state-owned companies operating across business sectors that include mining crude oil, and refining and producing petroleum products. Many new refining projects are being started while existing projects continue to expand. In addition, the adoption of new technology has improved processing capacity, especially in terms of high-sulfur crude oil processing.