China Set to Tackle Petrochemicals Overcapacity With Overhaul

Bloomberg–The Chinese government is set to launch a sweeping overhaul of its petrochemicals and oil refining sector, phasing out smaller facilities and targeting outdated operations for upgrades, while redirecting investment to advanced materials.

Remedies to curtail longstanding overcapacity in lower-value parts of the industry are likely within the next month, according to people familiar with the matter. The detailed plan is awaiting final approval from the Ministry of Industry and Information Technology, they said, declining to be identified discussing matters that aren’t public yet.