China unveils petrochemical stimulus plan

China’s National Development and Reform Commission (NDRC) said it will unveil in July details for the country’s petrochemical industry stimulus plan. The package aims to relieve the sector’s losses due to a drop in demand, caused by the global economic downturn. The plan, NDRC said, will focus on refining, ethylene and petrochemical production facility structural upgrades and other infrastructure support. The Chinese government plans to earmark RMB100 billion (US$14.65 billion) to upgrade refineries and about RMB400 billion (US$58.60 billion) to construct 20 related new projects in 2009 and 2010. In 2010, RMB40 billion (US$5.86 billion) will be spent to upgrade 60 million tons of diesel oil to meet Phase III and IV standards, which will require lower sulfur. (April 16, 2009)