Date
20 October 2017

CNPC admits to over-expansion over the past decade, paper says

China National Petroleum Corporation (CNPC) has admitted that its oil production capacity has been expanded too fast over the past decade, the 21st Century Business Herald reported Tuesday, citing unidentified company officials. The oil giant is now set to push back the operation of new refining facilities in Jieyang city in Guangdong province and in Kunming in Yunnan province by two to four years, the report said, adding that new petrochemical facilities at Hebei will also be postponed to 2015. State-owned oil companies have produced a combined 500 million tons of oil in 2013, a figure that has surpassed domestic demand. With the high-profile corruption cases and the arrest of former chairman Jiang Jiemin last year, CNPC has shifted its focus from production quantity to operational efficiency, sources were quoted as saying.

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