China's refining capacity faces closure
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largest refining industryReuters
•Analysis-China's vast refining sector faces shakeout as fuel demand peaks
77% Informative
Up to 10% of China 's oil refining capacity faces closure in the next ten years .
Tighter U.S. sanctions enforcement under the incoming Trump administration could send more plants into the red and accelerate shutdowns by halting access to cheap crude from the likes of Iran .
Authorities have lacked political will to shut inefficient plants that employ tens of thousands of workers.
PetroChina is set to shut a 410,000 -bpd refinery in Dalian this year and replace it with a smaller new plant focusing on petrochemicals.
In a nationwide probe in 2021/2022 , Beijing stripped five refineries of their import quotas.
Meanwhile, state-owned refiners are shifting to higher-end chemicals investment.
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