Refining economics will have to improve to justify the expense of building and operating costly plants. Photo: EPA

China's oil refining party at an end as capacity is cut

Mainland refiners, like many before them, now realise that parties don't last forever and eventually everyone has to sober up. The decision by state-controlled giant PetroChina to put off two new refineries and delay expansion of another is the latest, most dramatic signal that the mainland's refined fuels capacity has expanded too fast.