PetroChina to Retire 19 Inefficient Refining and Chemical Units
PetroChina plans to phase out production at 19 old and inefficient units across its refining and petrochemicals facilities as China looks to trim overcapacity that has weighed on the downstream sector. PetroChina, the second-largest refiner in the country after Sinopec, will permanently shut an old refining and chemical unit that hasn’t met safety standards and will phase out additional 18 units with more than 20 years of operational life, analysts who attended PetroChina’s Q3 earnings call told Reuters on Thursday. …