GreenergyDaily

Nov. 6, 2025

State-owned major PetroChina plans to permanently shut 19 ageing refining and chemical units as part of Beijing's campaign to curb overcapacity and boost profitability, according to analysts.

PetroChina, the country's second‑largest refiner after Sinopec, will retire one refining and chemical unit that failed to meet safety standards and gradually phase out another 18 units that have operated for more than two decades, according to analysts who attended the company's earnings call last week.

A company spokesperson confirmed the phase-out program, but did not provide details.

These are part of the 309 old units that the state major is evaluating to streamline its downstream business. Remaining facilities are considered of low risk and will largely continue to operate.

Meanwhile, PetroChina is pivoting towards higher-value petrochemicals, such as materials used in electric vehicles and solar stations, and it aims to join the world's top league of chemical companies by 2035, analysts said.