New refinery approvals are increasingly tied to the retirement of old capacity
Chinese policy limits refining sector growth
The country’s refining capacity will peak below a government-set cap
China’s oil refining capacity growth will be curtailed over the next five years by two recently released action plans that provide an official roadmap for the refining sector and for peaking national carbon emissions by the end of the decade. The policy moves mean China’s refining capacity is likely to peak considerably below a cap set by the central government, according to industry analysts. The action plan to achieve peak emissions by 2030—released by China’s top executive body towards the end of last month—calls for an upper limit on primary crude processing capacity of 20mn bl/d by 2025. While industry watchers agree capacity will continue to grow until mid-decade, the consensus is that
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