Rising sales of electric cars in China will reduce refined product demand in the nation by 20 million tons per year, the CEO of China's largest oil refiner said on Tuesday.
China is the world's second largest crude consumer and investors have worried about the country's oil demand after soft economic data in recent years.
Sinopec Corp, whose refineries can process 6 million barrels per day, is building more than 6,000 charging stations with 60,000 charging points, Dong Zhao said at the CERAWeek energy conference.
More than 22 of 100 cars sold last year were electric vehicles, compared with just four out of 100 in 2020.
