China's refinery output hit a record in 2021, up 4.3% from 2020, on robust first-half fuel demand in particular and as refiners ramped up processing to fill a supply gap after a hefty new tax closed loopholes in blending fuel imports.
Total refinery throughput last year reached 703.55 million tonnes, or 14.07 million barrels per day , data from the National Bureau of Statistics showed on Monday, roughly 620,000 bpd above the 2020 level.
Output surged nearly 11% on the year in first-half 2021, as a rebound in car sales bolstered gasoline use and booming domestic air travel lifted aviation fuel consumption.A hefty tax slapped on importing blending fuels like light cycle oil and bitumen mixture allowed dominant state refiners to recoup lost market share, previously eroded by cheap blending stocks.
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