Insight
What is the future of refining in China?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
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.
Table of contents
-
Executive summary
- Challenges
- Actions
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Beyond compliance: Understanding the implications of the EU's Carbon Removal Certification Framework
Outlines developments in Carbon Removal Certification Framework and its challenges and opportunities
$1,250
Insight
LME Asia 2026 – China's "Invoice Economy" and implications for copper
What is the "invoice economy" and what are the implications of the invoice quota crackdown for copper?
$1,050
Insight
The 2025 CCUS Executive Summit: key takeaways
Wood Mackenzie gathered many of the world’s top CCUS leaders; here’s what we learned
$1,250
