Total plans new refining and petrochemicals projects China

23-Mar-09
To benefit from the advantage of a new system in China permiting competitive pricing and an appropriate profit margin for oil refiners, Total plans to establish new refining and petrochemicals projects in the country. Since the beginning of the year, China has allowed gasoline and diesel retail prices, to fluctuate to reflect international prices on condition that retail prices keep below the government's ceiling. Gasoline and diesel retail prices were previously tightly controlled by the State. Under a support plan for the petrochemical industry revealed last month, the government plans to improve the energy-pricing mechanism and accelerate implementation of plans for refined-oil reserves.
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