Core Insights - The Asian Refining and Chemical Technology Conference highlighted the transformation of the refining industry towards "reducing oil and increasing chemicals," "reducing oil and increasing specialties," and "reducing oil and increasing materials" to address structural challenges and promote green low-carbon development [1][3] Group 1: Industry Challenges and Transformations - China's petrochemical and chemical industry ranks first globally in total output value, with refining, ethylene, and polyethylene capacities also leading the world [1] - The refining industry faces a significant structural contradiction characterized by an oversupply of low-end products and a shortage of high-end products, with a projected refining operating rate below 80% in 2024 [1][2] - The industry aims to increase the production ratio of chemical products, high-value specialty oils, and advanced materials through innovative technologies such as catalytic cracking and transformative cracking [1][2] Group 2: Green Low-Carbon Development - The refining industry must accelerate its green low-carbon transition, which presents both challenges and opportunities, including upgrading facilities and phasing out outdated capacities [3][4] - Key strategies for achieving green low-carbon goals include transitioning to renewable energy, optimizing resource utilization, and enhancing process efficiency through new technologies [4][3] - The utilization of non-food biomass resources, with a potential annual total exceeding 3.5 billion tons, could significantly reduce reliance on food crops if the utilization rate of straw is increased to 50% [4] Group 3: Technological Innovations - The integration of advanced technologies such as computational fluid dynamics (CFD) and artificial intelligence (AI) is essential for achieving low-carbon smart refining [5][6] - The development of molecular refining strategies allows for the optimization of processing and product properties at the molecular level, enhancing the value of each molecule produced [5][6] - Flexible refining processes that adapt to market demands can significantly improve cost efficiency and product value, enabling the production of low-carbon olefins and aromatics [6]