Crude oil output will reach 189 million tons
Feng Shiliang, deputy secretary-general of the China Petroleum and Chemical Industry Association, said yesterday that the domestic petrochemical industry will continue to maintain a steady and relatively rapid development this year. It is estimated that domestic crude oil production will reach 189 million tons, which is higher than last year's 187 million tons. Natural gas production is expected to reach 76 billion cubic meters, which is also higher than last year's 66.6 billion cubic meters.
Feng Shiliang made the above prediction in a speech prepared for the "2008 petrochemical industry summit forum." He also said that China's dependence on crude oil imports this year is about 47%, and it is expected that the total industrial output value of the petrochemical industry will increase by about 18% this year, sales revenue will increase by about 20%, and profits will increase by about 19%. In the same period, the fixed assets investment in the petrochemical industry will also increase by more than 20%.
He also stated that the import and export trade of China's petrochemical industry will continue to grow in 2008, of which, the import growth rate will reach about 18%, and the export growth rate will be about 25%.
According to him, the first task of the China Petroleum and Chemical Industry Association this year is to satisfy the domestic market supply and maintain the stable operation of the petroleum and chemical industries.
According to data previously released by the National Bureau of Statistics, China’s crude oil production in 2007 increased by 1.6% from the previous year to 186.7 million tons, equivalent to 3.75 million barrels of crude oil per day.
Feng Shiliang, deputy secretary-general of the China Petroleum and Chemical Industry Association, said yesterday that the domestic petrochemical industry will continue to maintain a steady and relatively rapid development this year. It is estimated that domestic crude oil production will reach 189 million tons, which is higher than last year's 187 million tons. Natural gas production is expected to reach 76 billion cubic meters, which is also higher than last year's 66.6 billion cubic meters.
Feng Shiliang made the above prediction in a speech prepared for the "2008 petrochemical industry summit forum." He also said that China's dependence on crude oil imports this year is about 47%, and it is expected that the total industrial output value of the petrochemical industry will increase by about 18% this year, sales revenue will increase by about 20%, and profits will increase by about 19%. In the same period, the fixed assets investment in the petrochemical industry will also increase by more than 20%.
He also stated that the import and export trade of China's petrochemical industry will continue to grow in 2008, of which, the import growth rate will reach about 18%, and the export growth rate will be about 25%.
According to him, the first task of the China Petroleum and Chemical Industry Association this year is to satisfy the domestic market supply and maintain the stable operation of the petroleum and chemical industries.
According to data previously released by the National Bureau of Statistics, China’s crude oil production in 2007 increased by 1.6% from the previous year to 186.7 million tons, equivalent to 3.75 million barrels of crude oil per day.
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