Last year, China became the world’s largest automotive market, as car sales saw a 52.9% increase to 10.3 million units. For 2010, automotive sales in the country are forecast to grow by 15% to 11.9 million cars. This leads to a larger gasoline demand, but Chinese refineries can certainly satisfy the need, as Reuters reports.
The gasoline demand in China is expected to increase half the rate of new car sales, but refineries are able to meet this demand without having to affect export volumes…. (read more)