Economy

Petrochemical sector eyes 10% annual growth

(Xinhua)
Updated: 2011-05-28 13:19

BEIJING - China's petrochemical sector plans to have 10 percent annual growth in output value in the five years to 2015, the Shanghai Securities News reported Saturday.

Combined output of the sector will total 16 trillion yuan ($2.46 trillion) by 2015, the report said, citing an industrial development guideline issued by the China Petroleum and Chemical Industry Federation on Friday.

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The output value of the sector reached 8.88 trillion yuan in 2010, according to data from the federation.

The guideline said China will have more than 15 enterprises in the sector whose sales revenue tops 100 billion yuan through the five years to 2015. Crude oil refining capacity will be kept below 650 million tons and output of refined oil will reach around 300 million tons, according to the guideline.

Emerging industries of new chemical materials and fine chemicals will get a boost in the period, the guideline said.