10 February 2012 06:49 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Fujian Development and Reform Commission said in a report on Friday that it plans to expand the petrochemical base at Meizhou Bay over the next 10 years as part of the country’s 12th Five Year plan.
The commission plans to expand the petrochemical base, which includes the existing Quangang petrochemical industrial park, Quanhui petrochemical industrial park and two new-material industrial parks, to raise its combined oil refining capacity to 29m tonnes/year by 2015 and 56m tonnes/year by 2020, the report said.
In addition, the combined ethylene capacity of the petrochemical base is targeted to reach 2.1m tonnes/year by 2015 and 3.6m tonnes/year by 2020, the commission said.
The value of the petrochemical base’s overall output is forecasted to reach yuan (CNY) 300bn ($48bn) by 2015 and CNY570bn by 2020, as a result of the expansion, according to the report.
The expansion will accelerate the development of Fujian province’s petrochemical sector, the commission said.
($1 = CNY6.30)
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