Innovation highlighted for petrochemicals sector

Accelerating energy transformation and innovation is crucial for achieving high-quality development in China's petroleum and chemicals industry, and refiners should embrace breakthrough initiatives to better navigate the transition, said industry insiders.

"The petrochemical industry must step up supply-side structural reforms while focusing on the large domestic market to better prepare itself against external uncertainties," said Li Shousheng, chairman of the China Petroleum and Chemical Industry Association.

The petroleum and chemical industry, both major consumers of energy and significant emitters of carbon dioxide, faces challenges as well as opportunities in transitioning toward green and low-carbon practices, Li said during the 2024 Petrochemical Industry Development Conference held in Beijing on Tuesday.