Expand export channels[Oct 25rd, 2023]
As of the end of 2022, global refining capacity will reach 5.12 billion tons/year, and ethylene production capacity will reach 220 million tons/year. Global refining and chemical production capacity is expanding rapidly and is accelerating its concentration in the Eastern Hemisphere. The profits of the global chemical industry are weak, while the profits of high-end chemical products and materials are relatively stable and remain at a high level. Geographical conflicts have triggered a reshaping of global trade flows in refining and chemical products. The global refining and chemical industry is accelerating its low-carbon development, transformation and upgrading. As the demand for oil products gradually shrinks, some refining capacity will face risks in the future; the global supply of basic chemical products exceeds demand, which will have a negative effect on the industry; the rise in carbon emissions trading prices will significantly increase the costs of refining and chemical companies. China's refining and chemical industry should accelerate industry adjustment, transformation and upgrading, reduce costs, expand export channels, create a higher value-added refining and chemical industry chain, build a new modern refining and chemical system, and promote high-quality development of the refining and chemical industry.