China to boost petrochemical sector in next five years
China has mapped out a Five-Year Plan (2011-15) for the petrochemical industry that will see the country set up four refining bases in the coastal regions, each with a refining capacity of 20 million tonnes by the end of 2015, according to the Ministry of Industry and Information Technology.
The industry is also expected to expand at an annual rate of 13% during this period with a total output to reach US$2.12 trillion by 2015. The industry will focus on domestic demand, boost production capacity for new chemical materials and increase supplies of agricultural chemicals, according to the plan.
The development plans also target an ethylene production capacity of 27 million tonnes/year by 2015 while total output capacity of paraxylene is set to reach 12 million tonnes/year.
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