It is is expected to produce 313 million metric tons of
refined-oil products this year which may lead to a surplus of 13.39
million tons, according to CNPC Research Institute of Economics and
Technology in an annual report. Exports of refined-oil products
grew 17.5% in 2013, according to customs data.
Meanwhile, domestic oil demand is expected to grow 4% to 518
million tons while apparent demand for natural gas will rise 11% to
186 billion cubic meters, the CNPC report said.
Net imports of crude oil will rise 7.1% to 298 million tons with
dependency on foreign imports predicted to be 58.8% of total
consumption.
Natural-gas imports will rise 18.9% to 63 billion cubic meters
with liquefied natural gas accounting for 30 billion cubic meters
and natural gas shipped via pipeline accounting for 33 billion
cubic meters.
It will produce 124 billion cubic meters of natural gas--up 6%
on year. A combined 2 billion cubic meters will come from coal-bed
methane and coal-mine methane gas.
Refining capacity is expected to grow 6.5% to 668 million tons
this year. It is expected to process 509 million tons of crude oil
in 2014--up 5.1% on year.
Write to Wayne Ma at wayne.ma@wsj.com
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