China's refining capacity of crude oil reached 477 million tons by the end of last year, ranking the second in the world, Shanghai Securities News reported Wednesday.

China National Petroleum Corp (CNPC) and China Petroleum & Chemical Corporation (Sinopec), the country's two leading oil and gas producers, now own 27 percent of the country's oil refineries with a combined refining capacity amounting to 76 percent of the country's total, the paper reported.

As the country's biggest oil producer, Sinopec's refining ability has increased 72.8 percent in the past ten years with a growth rate of 6.3 percent per year, ranking the third in the world, according to statistics released by Sinopec, the paper said.

China's local oil refining enterprises' total capacity has reached 88 million tons per year, according to the news report.

According to Sinopec, China has built 17 ten-million-ton-oil refineries which amount to half of the country's total capacity. By this year, the number will grow to twenty and the capacity will increase to 65 percent, according to the National Development and Reform Commission's plan, the paper reported.