This paper summarizes the results from the project "Vision of the Key Petroleum Refining Technologies for China National Petroleum Co. (CNPC) in the Early 21st Century" undertaken by the Department of R&D Administration, CNPC, and its affiliate key laboratory, The Key Laboratory of Catalysis operated by China University of Petroleum, Beijing. The objective of the project was to identify the challenges and opportunities of CNPC's petroleum refining business given increasing economy globalization and stricter environmental regulations. Using the modified Delphi method, four key technologies for CNPC's oil refining industry were identified. They are: integrated fluid catalytic cracking (FCC), hydroprocessing, residue hydrocracking, and high-grade lubricant production. The most significant technology will be the integrated FCC technology that can economically increase the yield of light fractions as well as upgrade transportation fuels. In China, FCC units produce about 80% and 30% commercial gasoline and diesel, respectively. To ensure compliance with future environmental legislation, hydroprocessing technologies, including those related to petroleum product hydrorefining and distillate hydrocracking, should be developed. By combining residue hydrocracking and FCC technologies, poorer quality residua can be processed. Supplying high-grade lube oils is one of the main tasks for CNPC's oil refining industry. Development of hydrodewaxingy technologies to manufacture API group II/III base oil is the main direction for CNPC's lubricant production business. (c) 2006 Elsevier Ltd. All rights reserved.