Oil & Gas Industry
Chinese Oil Companies on Shopping Spree Abroad
There can be no doubt: China’s oil companies are putting their stamp on the global energy marketplace: They are diversifying their presence and focusing on markets where they can supply refined products to their home, while at the same time supplying much needed capital to regions in need of it. By building a global trading presence, the country's oil industry could position itselve to compete with the established Western companies well into the 21st century.
While markets in Asia and the Middle East boom, Europe’s refinery market suffers from overcapacities. As the Statistical Review of World Energy by British oil–multinational BP shows, a total capacity of 24,516,000 barrels–per–day was installed in Europe and Eurasa in 2010, Accounting for 26.7 percent of the global refining capacity. Despite these impressive figure, it is a shrinking market: The throughput of refineries in Europe and Eurasia has fallen by 13 percent in the past twenty years (from 22682 thousand barrels/day in 1990 to 19664 thousand barrels/day in 2010). Find detailed charts and figures in Small Margins Tighten The Noose on Europe's Refinery Market