China Focuses on Petrochemical Industry Development
China has determined that must shut down outmoded facilities, consolidate production and reduce pollution to increase the competitiveness of its petrochemical industry, according to a government guideline issued Wednesday.
The energy sector’s industrial development is hindered by overcapacity along with security and environmental constraints, according to the guideline issued by the State Council, China’s cabinet.
Foreign companies are to be allowed to participate in M&A (mergers and acquisitions) in the sector, the guideline said.
There are 7 planned coastal petrochemical production bases will be built to consolidate the sector.
By Y 2020, energy (crude oil and nat gas) consumption per RMB Yuan 10,000 (about US$1,500) of output will be cut by 8% from the Y 2015 mark, with CO2 (carbon dioxide) emissions and water consumption by 10 and 14%, respectively.