A Glut of Made-in-China Plastic Will Dent Oil’s Growth Machine

Source: https://finance.yahoo.com/news/glut-made-china-plastic-dent-000000305.html

Authors: Elizabeth Low and Kevin Crowley

(Bloomberg) -- Once touted as a key driver of global oil profits, the plastics industry is staring down years of anemic margins as giant plants in China look set to send a deluge of production into the market. The construction of more than 20 petrochemical projects — to produce raw materials that go into making everything from plastic packaging to clothing and detergents — will be completed across China this year, said industry consultant ICIS.