1) China’s National Petroleum Corp (CNPC) is to build an oil refinery in Tianjin as a joint venture with Russia’s Rosneft.  Following the signing of the agreement later in October the refinery should be able to accomodate 15 million tons of crude oil each year.

To put this into perspective, China consumed nearly 8 million barrels of oil in 2007, which stands at just over 9% of world consumption.  It’s also the third largest country in terms of refinery capacity (in the world), and the largest in the Asia Pacific, followed by Japan, India, South Korea and Singapore.

2) Indian refineries are reported as producing 2.5% more compared to last year yet this is the slowest growth in three months, due to Reliance’s facility:

Reliance’s 660,000 barrel per day refinery at Jamnagar in western Gujarat state processed 5.7% less crude after its fluidized catalytic cracking unit developed a problem for about two weeks.

To put this refinery into perspective, India was the fourth largest consumer in the world in 2007 at nearly 3 million barrels per day in 2007.  Its total refining capacity also neared 3 million barrels per day but still exceeds its consumption rates.