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US$22.5 bln invested in oil refining
(Xinhua)
Updated: 2006-03-26 09:13
China plans to spend 180 billion yuan (US$22.5 billion) in the oil refining
and petrochemical sector in the next five years, an industry insider said in
Beijing on Thursday.
Duan Wende, vice-president of PetroChina, said China
aims to build five 10-million-ton oil refining bases, two aromatic hydrocarbon
production bases, four chemical fertilizer production bases and six large
ethylene production bases in the coming five years.
Meanwhile, a sales
network will be set up to support these projects, he added.
He said these
measures are part of the country's efforts to realize the goal of "orderly
and high efficient" development of the oil refining and petrochemical
sector.
China plans to increase its oil refining capacity by over 45
million tons to reach 170 million tons by the year 2010, an average growth rate
of 5 percent.
The nation's chemical products output is expected to hit 20
million tons by then, an increase of 12 million tons, according to the oil
official.
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