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PetroChina Says Fuel Surplus Possible In China

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oil3 May 27, 2010 (Chinavestor)  PetroChina (NYSE:PTR), China's largest oil company, said a fuel surplus is possible in China next year as the country brings more new refineries online. The supply overhang could rise to 80 million metric tons of fuel resources by 2015, PetroChina (NYSE:PTR) said.

 

Chinese refiners such as China Petroleum & Chemical (NYSE:SNP) are building more refineries because China's state-controlled fuel pricing system assures profits for refiners, a luxury Western refiners do not have.

PetroChina (NYSE:PTR) said China may have excess capacity of 31.5 million metric tons this year, allowing Chinese energy firms to boost exports in the coming years. China is second-largest energy consumer in the world behind the U.S.

The International Energy Agency said Chinese oil demand is expected to rise to 490 million tons in 2015, up 37% from 2007.



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