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China set obligatory targets for the petroleum and chemical industry in 2011 to 2015

April 29/2011

(Downstream Today) -- China has set obligatory targets for the petroleum and chemical industry in 2011 to 2015, according to a report by China Securities News on Thursday. The targets are spelled out in the Guideline on the Development of the Petroleum and Chemical Industry during the 12th Five-Year Plan Period (2011-2015), which was unveiled at a recent meeting of the China Petroleum and Chemical Industry Association.


According to the guideline, China's petroleum and chemical industry should aim for an annual growth rate of over 10 percent in the next five years. The aggregate output of the industry is expected to reach 15 trillion yuan (USD 2.31 trillion) by 2015.


Major enterprises will be required to invest at least 3 percent of their total sales revenues on R&D and make breakthroughs in some 80 to 100 key technologies.


The proportion of fine and specialty chemicals should reach over 45 percent, while the number of companies with over 100 billion yuan of sales revenue should exceed 15.


By 2015, the energy consumption per 10,000 yuan of industrial added value and the CO2 emissions should be both reduced by 15 percent from the levels at the end of 2010.


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