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1、ARTICLEINPRESSEnergyPolicy38(2010)2110–2115ContentslistsavailableatScienceDirectEnergyPolicyjournalhomepage:www.elsevier.com/locate/enpolPetroleumrefiningindustryinChinaW.D.WallsDepartmentofEconomics,UniversityofCalgary,Calgary,Alberta,CanadaT2N1N4articlei
2、nfoabstractArticlehistory:TheoilrefiningindustryinChinahasfacedrapidgrowthinoilimportsofincreasinglysourgradesofReceived21May2009crudewithwhichtosatisfygrowingdomesticdemandforaslateoflighterandcleanerfinishedAccepted1June2009productssoldatsubsidizedprices.
3、Atthesametime,theworldpetroleumrefiningindustryhasbeenAvailableonline9July2009movingfromonethatservesprimarilylocalandregionalmarketstoonethatservesglobalmarketsforKeywords:finishedproducts,asworldrefiningcapacityutilizationhasincreased.Globally,refinedproduc
4、tmarketsChinaarelikelytoexperiencecontinuedglobalizationuntilrefininginvestmentssignificantlyexpandcapacityPetroleumrefininginkeydemandregions.WesurveytheoilrefiningindustryinChinainthecontextoftheworldmarketforheterogeneouscrudeoilsandgrowingworldtradeinrefin
5、edpetroleumproducts.&2009ElsevierLtd.Allrightsreserved.1.Introduction2.PetroleumrefiningbasicsHavingexperiencedaquartercenturyofeconomicgrowthatWhenprocessed,crudeoilproducespetroleumproductssuchanannualrateofnearly10%andcomprisingaboutonesixthoftheasgasol
6、ine,diesel,andjetfuel,whichhavebeeninstrumentalinworld’spopulation,theonlyrealsurpriseisthatChina’sappetiteprovidinglow-costfuelforautomobiles,trucks,airplanesand1forenergywasnotevenmorevoracioussooner.Onlyinthepastotherformsoftransportation,aswellasequip
7、mentusedinfifteenyearshasChinabeenanetimporterofcrudeoilandonlyinagriculture,construction,andmanufacturing.Thepetroleumthepastfiveyearshasitbecomethesecond-largestimporterofindustryconsistsofthreemainsegments:theexplorationandcrudeoil.China’sgrowthindemandf
8、oroilisapparentlynotproductionsegment(upstream);therefiningandmarketingterriblyprice-sensitive(ZhaoandWu,2007),andwhenonesegment(down-stream);andathirdsegmenttypicallyreferredaccountsforurbanmigrationandtheconcomitan