Home Business Politics Life Culture��Edu Sci��Tech Sports Photos
��Search
China Observer
�� Spring Festival's revival mirrors China's rising soft power
�� Judging China's "monetary" future
�� How much of Chinese New Year's flavor can be passed on?
Photos
�� Group wedding ceremony in metro
�� Opening ceremony of "village tour"
�� Individualistic silk balls
��Home>>
China should refine 30 megatons of oil in 2006
www.chinanews.cn 2006-02-13 15:59:46
Chinanews, Beijing, Feb. 13 (By Yu Jingbo) - The Department of Industrial
Policies under the National Development and Reform Commission disclosed
that based on overall estimation, China's oil product consumption will
grow 5.4% to 7% this year. In order to ensure domestic oil product
supply, China will have to increase its refined oil output by 15 million
tons, with the total volume reaching 300 million tons.
According to related estimation, China's minimum domestic consumption of
oil products will amount to 177 million tons this year, up 9 million tons
year on year. The Chinese government said that at present oil refining
facilities of the two oil giants, PetroChina and Sinopec, are running to
their full capacity. In 2006 they have to increase 17 million tons of oil
refining capacity to meet the demand of oil product production.
The Chinese government admitted that there are two major problems in
China's oil refining industry currently. First, faulty policy on oil
product prices will result in tremendous losses of the industry. Second,
vulnerable supply security system can not cope with vital emergency.
China's oil product price is lower than that of the international market
on the whole at the moment, giving rise to losses of the entire oil
refining industry. In view of this problem, related departments have
commenced improvement and consummation for the price forming mechanism.
Based on insiders' view, even though international oil price tends to
reach a plateau in 2006, China's oil product price will still face
pressure of price hike. Moreover, as consumption duty will soon be
levied, as far as consumers are concerned, oil price rise will be a
dominant trend.
It was learned that in 2005 China's oil refining industry saw a net loss
of 30 billion yuan (US$3.6 billion), strikingly in contrast with 20.8
billion yuan of profit in 2004.
Copyright� 2004 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service
Learn Chinese, Learning Chinese, Learning Materials, Mandarin audio lessons, Chinese writing lessons, Chinese vocabulary lists, About chinese characters, News in Chinese, Go to China, Travel to China, Study in China, Teach in China, Dictionaries, Learn Chinese Painting, Your name in Chinese, Chinese calligraphy, Chinese songs, Chinese proverbs, Chinese poetry, Chinese tattoo, Beijing 2008 Olympics, Mandarin Phrasebook, Chinese editor, Pinyin editor, China Travel, Travel to Beijing, Travel to Tibet
No comments:
Post a Comment