May 08, 2021

Zeng Peiyan High Hopes for Petrochemical Industry

According to the General Office of the State Council on January 20, when Vice Premier Zeng Peiyan heard relevant departments and enterprises in the energy sector, he fully affirmed the achievements of the petroleum and chemical industries in the previous year. At the same time, it calls for accelerating the development of the modern energy industry, ensuring national energy security and making new contributions to the sound and rapid development of the national economy.
Zeng Peiyan pointed out that the petroleum and chemical industry is the basic industry and lifeblood industry of the national economy. Optimizing the industrial structure, strengthening innovation, increasing production, and ensuring supply are related to the stable operation of the economy and social harmony and stability. In 2007, the petrochemical industry increased production and organized transportation in accordance with the national energy industry policy and unified deployment requirements, and made every effort to ensure a stable supply of the refined oil market, ensure continuous file, not out of stock; increase exploration and development of oil and gas resources, strengthen technological innovation and energy conservation and emission reduction Actively fulfilling social responsibilities; promoting international cooperation in energy resources, implementing the “going out” strategy, cultivating large-scale enterprise groups with international competitiveness, and establishing a stable, safe, and effective national energy supply guarantee system, which has made important contributions to the country.
According to the China Petroleum and Chemical Industry Association, in 2007 China's oil and chemical industry made outstanding achievements in adjusting industrial structure and ensuring market supply. As the national key energy industry, the petroleum and chemical industries take the overall situation as the top priority. Under the circumstances that international oil prices continue to remain high and the refining industry suffers losses, PetroChina and Sinopec have compressed ethylene production to protect the supply of refined oil products. At the same time, CNPC vigorously promoted its overseas operations. Newly-added oil recoverable reserves amounted to 52.41 million tons, crude oil production and equity production rose by 10.2% and 6.7% year-on-year, and natural gas production output reached 5.4 billion cubic meters. The output is 3.51 billion cubic meters. At present, CNPC’s overseas oil and gas investment business has grown to 26 countries around the world, and its engineering and technical service teams have entered 44 countries. The chemical industry has also actively promoted the development of new energy technologies such as coal chemical and bio-chemical industries. A number of major independent innovation technologies have emerged, which have laid a good foundation for China's energy diversification.
According to the petrochemical association's forecast, China's crude oil output this year will be 189 million tons and natural gas 76 billion cubic meters. In order to achieve a stable supply in the domestic market, the development priorities of China's oil and chemical industry are: to increase the proportion of natural gas in primary energy; to accelerate the application of dimethyl ether in civil gas; continue to vigorously implement the “go global” strategy and develop overseas oil and gas resources Create a comprehensive international energy company.

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