January 21, 2011 [OneIndiaMoney] - Major oil and gas company, China National Petroleum Corp (CNPC) recently announced that China plans to increase its commercial storage for oil products by four million tones.
Presently, China can store just over 23 million tones of commercial crude oil, with a processing capacity of 8.42 million barrels a day.
Besides, diesel demand alone is expected to expand by 6% from last year, although this figure is lower than the 11.4% surge in 2010.
CNPC, the parent company of PetroChina Co, says China’s refining capacity may rise and its emergency stockpile capacity may reach 350 million barrels by 2015. But, the report adds that progress in 2011 might be slower than previously thought because the demand for diesel is not as high as expected
