News
China Prepares to Trim Oil Refining Sector
The Chinese government is planning to reduce the number of oil refiners and petrochemicals producers in the country in a bid to solve the industry’s problem with overcapacity. According to a Bloomberg report, the authorities will shut down some smaller refineries and upgrade facilities that have become outdated. The latter constitutes some 40% of China’s total refining capacity, the report, which cited unnamed sources familiar with the plans, said. These will be retrofitted in order to boost their production. This production will also…