China's Crude Oil Processing to Increase in November

Refineries owned by China's two oil giants, PetroChina Co Ltd and Sinopec Corp, plan to process some 31 million metric tons of crude oil in November, according to ICIS C1 Energy, a Shanghai-based energy information consultancy.

In November, PetroChina plans to process about 12 million tons with a daily output of 405,000 tons, a 1.98 percent increase compared with the previous month.

Sinopec plans to process about 18.90 million tons of crude oil with a daily output of 631,000 tons this month, 5.7 percent up on the figure for October, the consultancy's report said.

The reason for the refining increase is growing demand for oil in the fourth quarter and reduced maintenance of refineries.

The two oil giants currently have a refining capacity of 456 million tons a year, accounting for 67 percent of the country's total capacity, the consultancy said.