China Set to Tackle Petrochemicals Overcapacity With Overhaul

The Chinese government is set to launch a sweeping overhaul of its petrochemicals and oil refining sector, phasing out smaller facilities and targeting outdated operations for upgrades, while redirecting investment to advanced materials, Bloomberg reported.

8月20日，据彭博社报道，中国政府即将启动对石化和炼油行业的全面整顿：逐步淘汰规模较小的设施，对落后产能进行升级，同时将投资引向先进材料领域。

Remedies to curtail longstanding overcapacity in lower-value parts of the industry are likely within the next month, according to people familiar with the matter. The detailed plan is awaiting final approval from the Ministry of Industry and Information Technology, they said.

知情人士透露，旨在遏制行业低附加值环节长期的产能过剩问题的措施，很可能在下个月出台。具体方案正在等待工业和信息化部的最终批准。

Under the measures proposed, petrochemicals facilities over 20 years old — or about 40% of the country's total — will need retrofitting to increase their yields, according to the people. Plants will also be encouraged to shift to specialty fine chemicals, rather than bulk materials already threatened by oversupply, they said.

知情人士称，根据拟议的措施，运营超20年的石化装置（约占全国总数的40%）将需要进行改造以提高效率。他们表示，措施还将鼓励工厂转向特种精细化学品，减少在已面临过剩威胁的大宗化学品上的投入。

Chemicals that will be favored under the new investment regime include those used in artificial intelligence, robotics, semiconductors, biomedical devices, batteries and renewable energy, they said.

据悉，新的投资机制将优先支持用于人工智能、机器人、半导体、生物医学设备、电池和可再生能源的化学品。

The latest plan also targets smaller oil refiners, and those with less than 2 million tons of annual capacity could be shut, the people said. That's necessary to offset a contraction in demand for gasoline and diesel, which has cut operating rates and left the sector with about 60 million tons of excess capacity, they said.

最新计划还针对小型炼油厂，年产能低于200万吨的炼油厂可能会被关闭。知情人士表示，对于应对汽油和柴油需求的萎缩，此举是必要的。汽油和柴油需求下滑导致开工率下降，使该行业出现约6000万吨的过剩产能。

An emerging concern that may not be directly tackled in the current overhaul is ethylene — an ingredient in textiles, rubber and plastics — which could face curbs on new permits from 2026 due to a looming glut, the people said. This has been pitched by the industry as a priority for the coming Five Year Plan, to be unveiled in March.

知情人士称，乙烯可能是此次改革无法直接解决的一个问题。由于过剩的隐忧，自2026年起乙烯新项目审批可能面临限制。业内已将此视为下一个五年规划中的重点。

信息来源：GreenergyDaily