According to Guangdong Petrochemical industry development plan, within the 11th five year period from 2006 to 2010, 180 billion RMB will be invested to build five Petrochemical bases, develop 5 oil refining projects, 5 ethylene projects and a number of downstream chemical projects.

By the year 2010, the province is expected to be Asian major petrochemical base, with a petrochemical industrial system with international competitiveness, and it is estimated that the province's overall Petrochemical production value will total 730 billion RMB with an annual increase of 20%.

CNOOC's (CHINA NATIONAL OFFSHORE OIL CORP) South China Sea oil refining project will begin this Thursday (Dec.15) involves a total investment of 20 Billion RMB, and CNOOC-Shell's South China Sea petrochemical ethylene project is in its full sprint phase.

Editor: Yan

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