China’s petrochemical industry to realize US$2.31 trillion of gross domestic output value by end 2015

20-May-11

China's petrochemical industry is expected to realize 15 trillion yuan (US$2.31 trillion) of gross domestic output value by the end of 2015, said Li Yongwu, chairman of China Petroleum and Chemical Industry Fedration(CPCIF), as reported by Asia Pulse. The industry has made rapid growth during the Eleventh Five-Year Program period (2006-2010) with the gross domestic output value reaching 8.88 trillion yuan in 2010. Li added that the output value of China's petrochemical industry soared 160% from 2005 to 2010. Crude oil production hit 203 mln tons in 2010 while crude runs reached 420 mln tons and ethylene 14.19 mln tons. The industry achieved many breakthroughs in coal chemical technology, petroleum exploration and development, catalysis technology and energy-saving technology during the Eleventh Five-Year Program. Its exports and imports gained 130% to US$458.78 bln in 2010 and accumulatively attracted 427.18 billion yuan of foreign investment in the year.