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CN Intends to Address Excess Capacity in Petrochemical Sector; Measures May Take Effect Next Mth: Wire
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The Chinese government is set to launch a sweeping overhaul of the domestic petrochemical and refining industries, gradually phase out smaller facilities, upgrade outdated production capacity, and steer investment toward advanced material fields, Bloomberg reported, citing sources familiar with the matter. Related measures could talk effect as early as next month, though the detailed plan is still pending final approval from China's Ministry of Industry and Information Technology. Sources revealed that these measures are intended to address the long-standing issue of excess capacity in low value-added segments of the petrochemical sector. The proposed plan includes requiring petrochemical facilities over 20 years old (about 40% of the total number of China's petrochemical facilities) to boost output through upgrades. In addition, factories will be encouraged to shift toward specialty and fine chemicals, so that investment in bulk chemicals where supply already exceeds demand will be reduced. AAStocks Financial News |
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