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China makes progress in oil refining capacity cuts

Xinhua | Updated: 2017-11-16 10:12

BEIJING - China has made progress in closing down outdated oil refining production capacity, Zhou Zhuye, vice-chairman of China Petroleum and Chemical Industry Federation, said Wednesday.

Over the past two years, the country has cut 61.6 million tons of oil refining capacity, accounting for nearly one-tenth of the country's total capacity of primary processing for petroleum.

A total of 88 sets of outdated equipment were eliminated, Zhou said at a meeting.

The move has helped to improve oil quality and optimize industrial structure, Zhou said.

The country has long been promoting clean fuels and is committed to increasing investment in renewable energy.

"The efficiency of the capacity cutting campaign has been increasingly remarkable and the supply-demand relations have steadily improved since the beginning of this year thanks to the on-going supply-side structural reform," a National Bureau of Statistics official said Monday.

"In the next stage, China should further advance supply-side structural reform and continue to phase out backward and low-end capacities, to increase effective supply and cultivate new growth drivers," the official said.

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