PetroChina Bets on Petrochemicals

PetroChina is accelerating its shift toward petrochemicals and advanced materials as China’s traditional transport-fuel market weakens. In the first half of 2026, chemical-product output increased 6.7% to 21.32 million tonnes, while new-materials production surged 61.4% to 2.69 million tonnes. Ethylene and paraxylene output reached record first-half levels. The strategy reflects a broader transformation among Chinese oil majors as electric vehicles increasingly erode domestic gasoline and diesel demand, pushing refiners toward higher-value chemical markets.