SinoShip News (China): China’s Refinery Plans Call for More VLCCs

“Despite a slowing national economy brokers Poten & Partners reckon China could need an additional 96 VLCCs to meet planned increases in refinery capacity by 2018. Chinese oil demand growth has dropped to a more controlled rate of 3.7% a year, according to the International Energy Agency. However, China has plans to add another 4.2m barrels per day of crude refining capacity by 2018.”