Jonathan Xu, Rongsheng International GM Assistant, issued his report on Changes and challenges in 2019 refining and chemical industry 

First of all, Mr. Xu started with CERAWEEK to draw out the next topic. He described changes that industry will face in the future from three perspectives, such as technology and innovation (Hydrogen energy), strategy and energy geopolitics, and market and industrial chain analysis. 

Then, Mr. Xu introduced map of seven main petrochemical bases in China, which mainly distributes in coastal key development areas including Dalian Changxing Island, Jiangsu Lianyungang, Guangdong Huizhou, Fujian Zhangzhou Gulei, Shanghai Caojing, Hebei Caofeidian and Zhejiang Ningbo. Oil refinery project was detailedly explained in this report and Mr. Xu said that new projects had large advantages in many aspects. 

Next, Mr. Xu placed emphasis on global oil refining profit changes, international refined oil market and China refined oil market, and analyzed ethylene industry pattern and outlook. 

Of course, China will also face challenges in rapid development of refining and chemical industry. On the one hand, unknown-impact of IMO’s new rule. On the other hand, intensive expansion of refining and chemical capacity had a profound impact on the petrochemical industry. Finally, Mr. Xu came up with countermeasures.