China's oil consumption is second only to the that of the U.S. and the world's largest country already imports 50% of its consumed oil, a figure that is expected to grow as China's economy continues to expand. Chinese refineries are operating at record levels this year to meet rising demand.

Sinopec Group will refine about 205 million tonnes of crude oil in 2010, 11.4% more than the 184 million tonnes processed in 2009, according to Reuters. Oil demand will also be buoyed by China's desire to stockpile state-controlled reserves. Chinese oil companies have been active players in global energy mergers and acquisitions activity as they seek to replace China's aging oil assets and meet their country's voracious demand for crude.

The most recent statistics from the China Oil & Gas Report indicate that China will account for nearly 36% of the Asia Pacific region's oil demand by 2014 while contributing 45.5% of the supply. The region is expected to import nearly 20.5 million barrels a day by 2014 up from 17.17 million last year.