Eliminating obsolete capacity to be focus of petrochemical industry
September 15, 2014 Category Petrochemicals, Weekly
The 13th Five Year Plan (2016-20) for the petroleum and petrochemical industry will focus on eliminating obsolete capacity and raising coal chemical output, according to Gu Zongqin, Dean of the China National Petroleum and Chemical Planning Institute. “Overcapacity will be eased during the 13th Five Year Plan period, but it will be difficult to resolve the problem entirely,” he said. According to the plan, which is still under discussion, seven petroleum and chemical production bases will be developed in Hebei, Jiangsu, Zhejiang, Fujian and Guangdong provinces. Coal chemical output will rise from about 10 million metric tons annually to 100 million tons by 2020, according to the plan. Li Yongwu, Chairman of the China Petroleum and Chemical International Federation, said that the nation’s petrochemical industry has made huge efforts to upgrade its structure and become more innovative during the years since the 2008 global financial crisis. In the first eight months of this year, the sector posted total profit of CNY558 billion, up 30% from the comparable period in 2010. However, most Chinese companies in the sector make low-end goods, so they need to upgrade their technology and products, the China Daily reports.
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