China plans to spend 180 billion yuan (22.5 billion U.S. dollars) in the oil refining and petrochemical sector in the next five years, an industry insider said here on Thursday.
Duan Wende, vice-president of PetroChina, said China aims to build five 10-million-ton oil refining bases, two aromatic hydrocarbon production bases, four chemical fertilizer production bases and six large ethylene production bases in the coming five years.
Meanwhile, a sales network will be set up to support these projects, he added.
He said these measures are part of the country's efforts to realize the goal of "orderly and high efficient" development of the oil refining and petrochemical sector.
China plans to increase its oil refining capacity by over 45 million tons to reach 170 million tons by the year 2010, an average growth rate of 5 percent.
The nation's chemical products output is expected to hit 20 million tons by then, an increase of 12 million tons, according to the oil official.