China's petrochemical refiners are making their presence felt way beyond the country's borders. How will this impact global supply, demand, and trade balances? Will global operating rates be reduced?
Textile giants Rongsheng and Hengli have shaken up China's cozy, state-dominated oil market this year with the addition of close to 1mn b/d of new crude distillation capacity and vast, integrated downstream complexes. Petrochemical products, rather than conventional road fuels, are the driving force for this new breed of private sector refiner. And more are on their way.