In a bid to maintain the industry's stable development during the global economic slowdown and speed up structural changes to improve overall competitiveness,
China has unveiled details of a stimulus package for the oil and petrochemical industry—initiated by the Centre in February of this year. The government has listed the goals it has set for the industry over 2009-2011 with the revitalization and adjustment program that will assist in creating a more rational structure for the industry, and increase its overall caliber.
China’s crude processing volume is expected to reach 405 mln tpa (8.13 mln bpd) by 2011. 247.5 mln tons of oil products and 15.5 mln tons of ethylene will be produced by 2011. The 2011 crude processing target output is estimated to increase of 18% over the actual crude throughput volume of 342 mln tons achieved in 2008. The increase in ethylene output by 2011, will amount to a 51% jump over 2008 figures of 10.26 mln tons. The Centre will also support technical upgradation and revamp in order to produce increased volumes of higher-value-added products that could meet more stringent environmental standards.