China reveals stimulus package for oil industry

China released details of the stimulus package for the oil and petrochemical industry. The revitalization and adjustment program over the coming three years will help create a more rational structure for the industry, and increase its overall caliber,” the government said. By 2011, the country’s crude processing volume will reach 405 million metric tons per year (8.13 million barrel per day) and Chinese refineries will produce 247.5 million metric tons (mt) of oil products and 15.5 million mt of ethylene. Based on figures released by China’s National Bureau of Statistics earlier this year, the 2011 crude processing goal will represent an increase of 18% over the actual crude throughput volume of 342 million mt in 2008. Ethylene output would be up 51% over the 10.26 million mt produced last year.(May 18, 2009)