Business agency hearing on May 19 the State Council of China (State Council) Monday released the long-awaited restructuring and revitalization of the petrochemical industry planning details. China plans to the year 2011, crude oil processing capacity will be expanded to 405 million tons, equivalent to 8,130,000 barrels per day.

China last year than the target 6.87 million barrels of daily crude oil processing volume 18 percent higher than on the world's second largest oil consumer China's demand for crude oil imports will increase.

China Merchants Securities (China Merchants Securities) peak oil裘孝analysts said that China's crude oil processing volume is expected to increase will mainly rely on imports to meet, because domestic oil production has been weak in recent years.

China's crude oil output last year increased by only 2.3%, while crude oil imports increased by 10%.

According to the revitalization plan, China will strive to put into operation in 2011, all six sets of oil refining, ethylene plant 8 major projects set to form a 20 million-ton oil refining bases, 11 bases megaton ethylene. Details of specific projects is still unknown.

Signed to connect the southwestern region of China and Myanmar oil pipeline construction agreement, China will study more in the south-west oil refining and petrochemical construction projects.

China's State Council said in the planning, the recent focus on the use of offshore resources in the domestic co-operation of the refinery project pre-processing work, to choose a good condition 2-3 refining existing large-scale expansion of enterprises.

China's State Council said that the planning objective is to make refined oil in 2011, ethylene production reached 247.5 million tons, 1,550 million tons.

Motor gasoline in 2009 to meet all State III standards for diesel fuels used in 2010 to meet all State III standards.

China's State Council said that to speed up the construction of reserve facilities, increase the national reserves of oil products. Reference to the practice of commercial reserves of crude oil, refined oil as soon as possible to develop methods and systems for commercial reserves.

China's central government will strengthen guidance to simplify the approval procedures, improve credit, foreign exchange, taxation and other measures to support eligible enterprises to develop their offshore resource exploration and development.

The Chinese government will also support the implementation of central enterprises in the domestic mergers and acquisitions.

Under the plan, China will phase out one million tons and refined oil following behind inefficient low-quality devices, for a total of approximately 5,000 million metric tons in the year -6,000 processing capabilities. This with the Chinese National Development and Reform Commission (National Development and Reform Commission, referred to as: Development and Reform Commission) before the policy announcement.

China Merchants Securities, said the QiuXiu peak, although the industry plans to integrate theory of China Petroleum and Chemical Corporation (China Petroleum & Chemical Co., SNP, referred to as: Sinopec) and PetroChina Company Limited (PetroChina Co., PTR, referred to as: China's oil) benefit, but the effective implementation of policies is uncertain.

 Qiuxiao peak that may be of small refineries to expand their oil processing capacity in order to prevent annexation.

Jing Bo Shandong Petrochemical Co., Ltd. (Shandong Jinbo Petrochemical) to the management of Dow Jones Newswires (Dow Jones Newswires), said the company plans in the next two years will be dealt with in the capacity of one million tons less than the existing cracker upgrade to two million tons more than the building construction has begun.