China Refines Record Oil Volumes as Economy Recovers

[phantom power]

They must be using "recovery" in some loose sense that also encompasses "continued recession"

Jan. 21 (Bloomberg) -- China, the world’s second-largest energy user, refined a record volume of crude oil last year as a recovering economy increased demand for fuels.

Oil processing rose 7.9 percent to 374.6 million metric tons, or 7.5 million barrels a day, said China Mainland Marketing Research Co., which compiles data for the government. China also refined a record 34.6 million tons in December, up 25 percent from a year earlier and topping the previous high in November.

China Petroleum & Chemical Corp. processed more crude last year while China National Petroleum Corp., the parent of PetroChina Co., boosted overseas production as manufacturing and vehicle sales spurred energy consumption. China, which expanded at the fastest pace since 2007 in the fourth quarter, will grow four times more quickly than the U.S. this year, the United Nations said last month.

“Refining volumes this year will definitely rise further because fuel sales will get better as the economy continues to improve,” Qiu Xiaofeng, an oil analyst with China Merchants Securities Ltd., said by telephone in Shanghai.

http://www.bloomberg.com/apps/news?pid=20601072&sid=a6BKTuKxdsbU

[FreakinDJ]

1. Chinese Gov still subsidizing the cost of oil in that country?