China`s crude oil processing volume reached a new record high of 31.19 million metric tons (approximately 139,000 barrels per day) in May 2009, an increase of 10% year over year and 6% over the previous month. The output of refined products including gasoline, diesel and kerosene reached 19.34 million metric tons (85,955 barrels per day), an increase of 16.7% year over year, and the growth rate was 10% higher than the previous month, according to the monthly report issued by China Petroleum and Chemical Industry Association (CPCIA) on June 19, 2009.

The rise in crude oil price promoted the exploitation of oil and gas. In May 2009, China's crude oil output reached 16.03 million metric tons (71,244 barrels per day), a drop of 1.1% year over year or an increase of 2.8% over the previous month; output of natural gas reached 6.72 billion cubic meters, an increase of 6.9% year over year, and the import of crude oil jumped 5.5% year over year.

Corresponding to the rise in crude oil output and import, the processing of crude oil and product oil output accelerated, and the operating rate of refining industry rose from 79% in April to about 84% in May 2009. Following the end of maintenance turnaround work in some refineries, the daily crude oil processing volume is expected to create new record high in June 2009.

According to statistics, China's sales volume of refined products showed a continuous rebound to 18.33 million metric tons (81,467 barrels per day) in May 2009, a slight drop of 0.2% year over year or rise of 2.3% over the previous month; of which, the sales volume of diesel and gasoline reached 11.95 and 56.07 million metric tons respectively. As of the end of May, the stockpile of refined products nationwide was up 36.1%, an increase of 2.1% over the previous month. Of which, the stockpile of diesel dropped 4.9% and the stockpile of gasoline was up by 12.3%.

In May 2009, the output of 62 types (categories) of petroleum and chemical industry products showed a positive rise year over year, accounting for 68% of the total. The total production value of the industry reached $78.59 billion, a drop of 7.2% year over year or an increase of 7% over the previous month. From January to May, the accumulative investment of fixed assets in petroleum and chemical industry reached $42.43 billion, an increase of 19.16%. Of which, the chemical industry rose up 31.7%, oil and gas exploitation industry rose up 4.6%, and refining industry dropped 11.2% year over year.

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Source: Industrial Info