China Has Become the World’s Largest Oil Refining Country, And the Petrochemical Industry Has Achieved a New Leap Forward.

The China Petroleum and Chemical Industry Federation (February 16) released the economic operation of China's petroleum and chemical industry in 2022. Our country's petroleum and chemical industry operates in an overall stable and orderly manner, oil and gas production maintains steady growth, and investment in oil and gas exploration and chemical industry grows rapidly.
Data show that our country's oil and gas production will maintain steady growth in 2022, with crude oil output of 205 million tons, a year-on-year increase of 2.9%; natural gas output of 217.79 billion cubic meters, a year-on-year increase of 6.4%.

In 2022, the growth rate of investment in oil and gas exploration and chemical industry will obviously exceed the national average level of industry and manufacturing. The completed investment in oil and natural gas exploration, chemical raw materials and chemical product manufacturing increased by 15.5% and 18.8% year-on-year respectively.

Fu Xiangsheng, Vice President of China Petroleum and Chemical Industry Federation: Last year, crude oil production achieved four consecutive increases, and natural gas production also increased by more than 10 billion cubic meters for six consecutive years last year. It has made a very important contribution to the country's energy security and grain harvest.

In recent years, with the high-quality development of our country's petrochemical industry, especially the continuous completion and commissioning of new refining and chemical integration devices, the scale concentration of our country's petrochemical industry, the degree of clustering of petrochemical bases, the overall technical level and core competitiveness of the industry have all declined. A new leap has been achieved. At present, our country has increased to 32 refineries of 10 million tons and above, and the total refining capacity has reached 920 million tons per year, ranking first in the world for the first time.

Fu Xiangsheng, Vice President of China Petroleum and Chemical Industry Federation: This is a very important leap. In terms of scale, our country's scale and industrial concentration have improved significantly. In particular, the safety and stability of the industrial chain and supply chain are being improved, which also shows that the global competitiveness of our country's petrochemical industry is also constantly improving and enhancing.