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What is the future of refining in China?

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During the 14th Five-Year Plan period, China issued many policies on carbon emissions, which will pose considerable challenges to the refining industry. Challenges Domestic: China’s refineries are under pressure from domestic peak oil demand, surplus capacity and energy efficiency control. China’s government will restrict the overall refining capacity to 20 million b/d and enforce strict regulations to improve energy efficiency. External: China’s refining industry, which has a high carbon emissions intensity, will become less competitive with high levies in its key export markets after the implementation of carbon border adjustment mechanism (CBAM) in Europe. Actions Shift from transport oil towards petrochemicals and specialities. Collaboration, re-configuration or capacity replacement. Decarbonisation: Replacing fuel combustion with electrification and green hydrogen can significantly reduce the carbon intensity of refinery operations.

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    What Is The Future Of Refining In China.pdf

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