16 February 2009 03:14 [Source: ICIS news]
SINGAPORE (ICIS news)--China’s massive yuan (CNY)500bn ($73bn) fiscal package aimed at stimulating the country’s refining and petrochemical sector has been submitted to the National Development and Reform Commission (NDRC) for approval, an official from the China Petroleum and Chemical Industry Association (CPCIA) said on Monday.
“The plan needs to be approved by NDRC before it can be submitted to the State Council,” said Sun Weishan, secretary-general of CPCIA.
He declined to provide a timeline to how soon the fiscal package would be approved and the manner the funds would be disbursed.
The proposed stimulus package had been welcomed by the mainland’s petrochemical industry and has been said to provide a “much needed” boost to ailing domestic demand.
The stimulus package will include a CNY100bn investment in 2009 and 2010 for upgrades in oil products, and an investment of CNY400bn for the construction of 20 new large-scale petrochemical projects, according to a report from state media, China Daily.
($1 = CNY6.84)
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