China sets obligatory targets for the petroleum and chemical industry for 2011-2015

29-Apr-11

China has set obligatory targets for the petroleum and chemical industry in 2011 to 2015, according to a report by China Securities News. The targets are spelled out in the Guideline on the Development of the Petroleum and Chemical Industry during the 12th Five-Year Plan Period (2011-2015), unveiled at a recent meeting of the China Petroleum and Chemical Industry Association. According to the guideline, China's petroleum and chemical industry should aim for an annual growth rate of over 10% in the next five years. The aggregate output of the industry is expected to reach 15 trillion yuan (US$2.31 trillion) by 2015. Major enterprises will be required to invest at least 3% of their total sales revenues on R&D and make breakthroughs in some 80 to 100 key technologies. The proportion of fine and specialty chemicals should reach over 45%, while the number of companies with over 100 billion yuan of sales revenue should exceed 15. By 2015, the energy consumption per 10,000 yuan of industrial added value and the CO2 emissions should be both reduced by 15 percent from the levels at the end of 2010. The chemical oxygen demand (COD) and the nitrogen and ammonia emissions should be cut by 12%. The nitrogen oxide emissions should be reduced by 10 percent and the sulfur dioxide emissions by 7%. The utilization rate of chemical solid waste should reach 90%.