Review and outlook of China's refining industry in 2023
In 2023,the growth of China's refining capacity continued to slow down with a new refining capacity of 12 million tons/year,the total capacity rose to 936 million tons/year,and the optimization and adjustment of unit structure continued to facilitate.2023 China's rapid rebound in demand for refined oil products,market consolidation and other favorable factors to promote the refining industry production improved significantly,and a number of major production and operation indicators rebounded significantly.Country's policies have paved the way for the high-quality development of the refining industry and refining enterprises have continued to promote green,low-carbon,digitalized,and intelligentized development,actively facilitated"bringing in"and"going global",and expanded national and international cooperation.Looking ahead,China's refining capacity will continue to grow faster in 2024,but the peak capacity is basically visible,and peak refining capacity is expected to appear around 2027.During the 15th Five-Year Plan period,China's excess refining capacity will be alleviated to a certain extent,but it should not be taken lightly.Such transformation and upgrading measures as phasing out outdated production capacity,adjusting production structure,as well as energy conservation and carbon reduction need continuously promoting.
Chinese refining industryunit structure optimization and adjustmentreducing oil and increasing chemicalsgreen and low-carbon