Sichuan to invest RMB 82.5 bln in petrochemical industry

Oct. 12, 2009 (China Knowledge) - Sichuan Province plans to inject a total of RMB 82.5 billion into 137 projects in the natural gas, chemicals, and petrochemicals industry, sources reported, said Zhang Yushan, deputy director of the Economic Commission of Sichuan Province.

In 2008, Sichuan saw sales revenue in the petrochemical industry increase 24.95% year on year and reach RMB 97.92 billion.

In 2011, the petrochemical firms of the province intend to achieve a sales/output ratio of 98% and to reap RMB 157 billion in sales revenue. The total will include an estimated RMB 30 billion from Hongda Group, the parent of Sichuan Hongda Co Ltd<600331>, RMB 20 billion from Sichuan Chemical Works Group Ltd, the parent of Sichuan Chemical Co Ltd<000155> and RMB 10 billion from Yibin Tianyuan Group Co Ltd.

A group of ten small and medium-sized petrochemical enterprises including Sichuan Jinlu Group Co Ltd<000510> and Sichuan Meifeng Chemical Industry Co Ltd<000731> have set a target of RMB 5 billion in sales revenue for 2011.