The China Petroleum and Chemical Industry Association (CPCIA) has released two documents to guide the restructuring of the petrochemical industry. The association has drafted the guidelines in conjunction with five domestic petroleum and chemical groups.
A document titled "Petroleum and Chemical Industry Restructuring Guidelines," concerns the implementation of the government's petrochemical industry stimulus plan as per Interfax. The guidelines will help determine which petrochemical projects will be encouraged, which will be scaled back, and which will be eliminated. The document also lists 42 low-end petrochemical products that continue to be produced in China.
The guidelines also offer recommendations for China's 2011-2015 industry development plan, and have been submitted to the Ministry of Industry and Information for approval.
The guidelines recommend that China increase its crude oil processing volume to about 550 mln tons in 2015, its annual fuel output to about 300 mln tons and its ethylene output to between 21-23 mln tons. Under the petrochemical stimulus plan, China aims to boost its annual crude oil processing, fuel output and ethylene output to 405 mln tons, 247.50 mln tons and 15.50 mln tons by the end of 2011.
The CPCIA also released a second document called the "Petroleum andChemical Industry Revitalizing Technology Guidelines," to spur technical support for the restructuring and revitalization of the country's petrochemical industry.