China approves stimulus plan for petrochemical industry

The Chinese government approved in February a stimulus plan for the petrochemical sector, focusing on industrial restructuring and reducing excess production capacity. The plan includes the development of 40 petrochemical projects from 2009 to 2011, 20 of which are already under construction and others, which are still in the planning stage. Also included is the proposed expansion of refining capacities in Guangdong, Xinjiang, Fujian, Tianjin and Guangxi. (February 11/ March 4, 2009)