Sinopec outlines growing domestic oil demand

Beijing: China Petroleum and Chemical Corporation (Sinopec), the nation's largest oil refiner, has forecast increasing domestic demand for oil.?"China's oil products market will grow at a rate of 5 to 6 percent over the 12th Five-Year Plan (2011-2015), fueled by the economy's strong momentum which is likely to grow by 10 percent annually," said Cai Xiyou, vice-president of Sinopec.?China will have consumed around 216 million tons of oil products by the end of this year, and will require 286 million tons in 2015 and 336 million tons in 2020, when nearly 60 percent of annual oil consumption will be provided by imports. [01/12/10]