New refinery approvals are increasingly tied to the retirement of old capacity
Chinese policy limits refining sector growth
The country’s refining capacity will peak below a government-set cap
China’s oil refining capacity growth will be curtailed over the next five years by two recently released action plans that provide an official roadmap for the refining sector and for peaking national carbon emissions by the end of the decade. The policy moves mean China’s refining capacity is likely to peak considerably below a cap set by the central government, according to industry analysts. The action plan to achieve peak emissions by 2030—released by China’s top executive body towards the end of last month—calls for an upper limit on primary crude processing capacity of 20mn bl/d by 2025. While industry watchers agree capacity will continue to grow until mid-decade, the consensus is that
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
