Sou Hu Cai Jing·2025-04-14 01:35Core Insights - The Chinese petroleum refining industry is focusing on achieving world-class standards while accelerating transformation and innovation amidst challenges such as energy transition and market downturns [4] - The industry has maintained stable operational performance, achieving significant production increases in key products despite a decline in refined oil demand [4][5] Group 1: Operational Performance - The annual crude oil processing volume remained above 200 million tons, with a year-on-year decrease of 2.44% in gasoline and diesel yield [4] - Ethylene and PX production increased by 8.1% and 31.4% year-on-year, respectively, while aviation kerosene production rose by 6.6% [4] - The new materials sector has seen continuous high growth, surpassing 2 million tons for three consecutive years, indicating a successful shift towards "reducing oil and increasing chemicals" [4] Group 2: Project Development - The company is accelerating the implementation of major refining projects, with key projects such as Jilin Petrochemical and Guangxi Petrochemical progressing smoothly [4] - The launch of the high-end polyolefin new materials project and the promotion of green and environmentally friendly practices in the Liaoxi region are also underway [4] - A total of 55 feasibility studies are expected to be completed in 2024, supporting the transition towards higher-end segments of the industry chain [4] Group 3: Innovation and Reform - The company is targeting high-end, intelligent, and green development, integrating technological and industrial innovation [5] - Significant progress has been made in the α-olefin industrial trial, achieving breakthroughs in producing polyolefin elastomers using gas-phase polyethylene technology [5] - The reform of the refining new materials company and optimization of chemical sales management are progressing well, enhancing governance efficiency and management levels [5]