On March 3, Fu Xiangsheng, Vice President of the China Petroleum and Chemical Industry Federation (hereinafter referred to as the Petrochemical Federation), revealed at the 2020 Petroleum and Chemical Industry Economic Operation Conference that the Petrochemical Federation will conduct in-depth investigation and research On this basis, the “14th Five-Year Plan for Petroleum and Chemical Industry” and special plans for technological innovation, green development, petrochemical industry, new chemical materials, modern coal chemical industry, and petrochemical parks were compiled and completed within the year, and the “14th Five-Year Plan” was established. The goals, key tasks and ideas and measures for the high-quality development of the petrochemical industry are outlined, and a medium- and long-term roadmap is drawn up to achieve the goal of becoming a powerful country in the petrochemical industry.
At the same time, Fu Xiangsheng said that we must attach great importance to The petrochemical industry faces serious overcapacity problem. Concerns about overcapacity in my country’s petrochemical industry are increasing. Not only are we worried about the excess of bulk basic products such as nitrogen fertilizers, soda ash, caustic soda, calcium carbide, and tires, but the most worrying ones at present are oil refining, aromatics, polyesters, and even olefins and silicones. There is overcapacity in chemicals that were in short supply in the past, such as polycarbonate and polycarbonate. In recent years, the centralized construction and operation of integrated refining and chemical plants have led to a substantial increase in the production capacity of PX, ethylene and polyethylene, and some products are expected to be globally saturated. Fu Xiangsheng pointed out that the phenomenon of oversupply in the global market while China is still concentrating on capacity expansion must be taken seriously. Starting from this year, in addition to the national key bases and major projects planned and deployed in the State Council’s “Petrochemical Industry Planning and Layout Plan”, new and expanded refining projects as well as new PX and ethylene projects will be strictly controlled and will not be approved in violation of regulations. The focus of the petrochemical industry is Continue to deepen the supply-side structural reform and put the innovation and high-quality development of the petrochemical industry in a more prominent position. </p
