Platts - 14 May 2014
China is on a long-term track to become a net exporter of petroleum
products to the Middle East, a senior official of state-controlled China
National Petroleum Corp said Tuesday.
"China could at some point become a net exporter of fuel products to Arab
countries," CNPC Director of Research Ding Shaoheng said during a question and
answer session at the Abu Dhabi International Downstream Exhibition and
China was likely to remain a major importer of Middle East crude for the
foreseeable future, Ding said.
During a conference presentation on the long-term outlook for oil product
supply and demand in the Chinese domestic market, Ding forecast that Chinese
annual oil-product consumption would rise from 286 million mt in 2013 to 360
million mt in 2020 and 440 million mt in 2030.
Meanwhile, annual fuel production capacity at Chinese oil refineries was
forecast to expand from 296 million mt in 2013 to 390 million mt in 2020 and
440 million mt in 2030.