China maps out five-year plan for petrochemical sector

China has mapped out a Five-Year Plan (2011-2015) for the petrochemical industry that will see the country form as many as four refining bases in the coastal regions, each with a refining capacity of 20 million metric tons by the end of 2015, China Daily reported. Currently there are 17 refineries in China, with at least 10 million metric tons of refining capacity, according to figures published by China Petrochemical Corp. or Sinopec, the largest Chinese refiner. The country also plans to set up three ethylene production bases, with a production capacity of 2 million metric tons each, over the same period, according to the Ministry of Industry and Information Technology (MIIT). MIIT said China will also raise the annual processing capacity of crude oil to 600 million metric tons by 2015, from 450 million tons last year. The government agency estimates that oil product demand in China will reach 320 million tons by the end of 2015, with a compounded annual growth rate of 5.5%. GDP growth in China is seen to slow down from the previous Five-Year Plan period which ended in 2010. (February 4, 2012)