A steady growth trend continues in investment in China's oil and chemical industry. With its total refining capacity reaching 920 million tons per year, China has now become the world's largest oil refinery.
The China Petroleum and Chemical Industry Federation (CPCIF) shared information on the 2022 economic functioning of the industry yesterday.
It was learned that stable growth in oil and natural gas production was maintained in 2022, and investment in oil and natural gas extraction and the chemical industry grew rapidly.
According to the data, in 2022, crude oil production reached 2,9 million tons with an annual increase of 205 percent, and natural gas production reached 6,4 billion cubic meters with an annual increase of 217,79 percent.
In 2022, the growth rate of investment in oil and gas extraction and the chemical industry exceeded the average level of national industry and manufacturing. Investments in oil and natural gas extraction, chemical raw materials and chemical product manufacturing increased by 15,5 percent to 18,8 percent, respectively, compared to the previous year.
It was reported yesterday that China has become the world's largest oil refinery and a new breakthrough has been achieved in the high-quality development of the petrochemical industry.
It was stated that the number of refineries with a capacity of 10 million tons or more today has increased to 32, and the total refining capacity has reached 920 million tons per year, ranking first in the world.
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