China’s refining and petrochemicals sector saw losses across the industry rise by 8.3% in the first half of 2025 compared to the same period last year, as overcapacity and price wars continue to plague many Chinese industries. Refining and chemicals firms have not been spared from the so-called “involution”, which refers to excessive and self-defeating competition among Chinese companies for limited resources and opportunities. The sector faces the destructive price wars, too, according to a senior executive at the…
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