The refining and chemical industry is experiencing a new wave of capacity expansion; basic chemical products may face oversupply within three years

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According to Securities Times E Company, since the beginning of this year, several large-scale petrochemical integration projects with a capacity of tens of millions of tons each have been officially launched, including the Lianyungang Petrochemical Industry Base and the Shandong Yulongdao petrochemical integration project. Multiple large-scale refining and chemical projects with capacities of over 10 million tons are under renovation, construction, or planning in petrochemical industry hubs such as Huizhou in Guangdong, Ningbo in Zhejiang, Gulei in Fujian, and Caojing in Shanghai, marking a new wave of capacity expansion in China’s refining and chemical sector. In the view of several industry experts, as large-scale integrated refining and chemical projects are launched one after another, in addition to further exacerbating the surplus of refined oil products, the production capacity of basic chemical products such as aromatics and olefins is also rising rapidly, and a surplus may occur in these areas as well within the next three years. (China Energy News) Source: Securities Times