Leading Sinopec executive calls for tighter new refinery approvals

A leading petrochemical industry executive has called for the tightening of large scale refinery project approvals in China - in addition to a slowdown in the issuing of fuel-oil import licenses to private companies - in an attempt to alleviate the country's refining overcapacity.

Sinopec Tianjin Petrochemicals General Manager Li Yonglin said China should slow down its refining capacity in accordance with the market demand, in a bid to avoid waste and a passive position due to unplanned expansion and development.

"China should further strengthen its supervision of private refiners that are granted import licenses - and suspend all refining projects without government approval," said Li, who is attending the ongoing annual session of the National People's Congress in Beijing.