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19

China's Oil Refining To Increase

The program was approved by the State Council in December 2005

China's oil refining capacity will increase by 90 million tons by 2010 even while it eliminates 20 million tons of inefficient capacity, according to the mid and long-term development program for the oil refining industry.

The program was approved by the State Council in December 2005 and published by the National Development and Reform Commission (NDRC) recently.

The program said China plans to build eight large oil refining bases,each having an annual production capacity of ten million tons.

By 2010, China will have more than 20 large oil refining bases with an combined production capacity of more than 114 million tons,accounting for 65 percent of the country's total.

As the demand for crude oil is increasing, China plans to buildmore trans-national and domestic pipelines. Deep-water docks will also be built over the next five years.

As for the establishment of Sino-foreign ethylene projects, foreign investors are expected to own advanced technology or provide the raw materials, while the Chinese partners should hold the majority of shares in the joint ventures.