Media: China to restructure petrochemical sector

According to media reports, the Chinese government has decided to revamp the country’s petrochemical industry by giving directives to scrap obsolete facilities, strengthen production and reduce pollution in bid to enhance its competitiveness in the global market. The report stated that the development of the country’s petchem industry is hampered by overcapacity and environmental or safety restrictions, hence measures must be taken to ensure more sustainable growth.

In its plan, the government aims to build seven mega petrochemical complexes along the coastal areas in eastern China to consolidate the industry, which include a $15 billion energy installation in the port city Ningbo, and a refining hub in Hebei province. The plan also intend to reduce energy consumption by eight 8% by 2020 and lower CO2 emissions and water consumption by 10% and 14%, respectively.