OREANDA-NEWS. China is increasing its oil refining capacity and may replace the United States as the leader in this market next year. This was reported by Bloomberg with reference to the International Energy Agency. America, which has led the refining industry since the start of the oil age in the mid-nineteenth century, is facing the threat of being finally dethroned by China as early as next year, the publication reads.

A change of the leader in the oil refiningнеф market may occur, among other things, due to the fact that at least four new refineries are currently being built in China, while such enterprises are being closed in the United States, for example, the plant Convent in Louisiana, owned by Shell, the third largest oil company in the world. When Convent opened in 1967, the refining capacity of the USA was 35 times more than Chinese, Bloomberg informs.