ABSTRACT
China's petroleum refining industry has grown rapidly during the 35 years since the founding of the People's Republic of China. Various petroleum additives, especially for lube oils, are manufactured primarily by Sinopec, although some additives are imported from the United States and other countries. According to state energy policy, coal must be used as the main heating fuel for boilers, kilns, and industries. The outlook for oil exploration and development in China is rather encouraging: crude oil production is expected to increase by 6% or more per year. China has a broad domestic market for petroleum products. With the development of a modernized economy, demand for petroleum products will expand greatly. The main market for petroleum products is the domestic market, as more than 90% of total production is intended for domestic consumption. Sinopec is new to the field of international refining and petrochemicals.
