Senior Vice President of Sinopec Zhang Jiaren recently pointed out that China's petrochemical industry has substantially entered the transition period following the nation's entry into World Trade Organization, adding the Chinese petrochemical industry is facing six major chanllenges. Zhang made those remarks at the forum on "WTO and China" held in Beijing on November 11. First of all, international petrochemical giants have further enhanced their control over the resources, technology and market. A number of world-class petrochemical multinational giants have appeared from restructuring of the assets in the worldwide petroleum sector since the 1990s so that they have better position themselves with many advantages, such as highly concentrated capital, reinforced market control, prominent core technologies and higher competitiveness. Those advantages have caused great pressure and challenges on the survival and development of the Chinese petrochemical enterprises.
展开▼
