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Petrochemical sector to see consolidation

China must shut down outmoded facilities, consolidate production and reduce pollution to increase the competitiveness of its petrochemical industry, according to a guideline issued on Wednesday. China's petrochemical industrial development is hindered by overcapacity along with safety and environmental constraints, according to the guideline issued by the State Council. Foreign companies are to be allowed to participate in mergers and acquisitions in the sector, the guideline said. Seven planned coastal petrochemical production bases will be built to consolidate the sector.

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