Abstract: The century-old petroleum refining industry is facing the dual challenges of "carbon peak and carbon neutrality" goals and the continuous reduction of fuel demand due to the third energy transformation, while the traditional oil refining technology prioritizes high conversion rates, it leads to low hydrocarbon utilization efficiency and high CO₂ emissions from petroleum resources, which is contrary to development goal of “emission reduction and efficiency enhancement”. Therefore, based on the concept of petroleum molecule management, and taking the product high selectivity as the research strategy for petroleum refining technology, revolutionary technologies for small molecule alkane processing, heavy oil processing, and low-carbon olefin production has been developed and put into industrial practice, to reduced carbon at source and in process, and meet the increasingly urgent needs of the petroleum refining industry for transformation towards green, low-carbon, oil reduction, and clean production.

Key words: carbon peak, carbon neutrality, petroleum refining, conversion rate, selectivity, green and low-carbon, reducing oil and increasing chemicals, clean production