Look forward to the revitalization of the petrochemical industry rules to benefit the largest oil Sinopec

Last week, the day from all walks of life look forward to many petrochemical planning the revitalization of the State Council finally approved, but only give an outline of five guidance. Up to now, about the planning details yet to be announced.

The overall objective of planning as follows: the petrochemical industry and the national economy growth rate of the overall pace of development in harmony, producing an average annual increase of the added value of about 15% by 2011 will increase in value to 1.75 trillion yuan. At the same time there are 20 major construction projects and 20 major new projects be incorporated into the planning.

In addition to the overall objectives, the revitalization of planning has also developed a three-year phase of objectives: to maintain smooth operation in 2009, the growth rate of industrial added value reached more than 10%; in 2010 to upgrade fuel quality job basically completed, "Eleventh Five-Year Plan" the basic goal implementation, the growth rate of industrial added value reached 15%; in 2011 to adjust the industrial structure and layout of the basic completion of the allocation of resources industry where continuous improvement, institutional and policy issues are properly resolved, the growth rate of industrial added value reached 20%.

Medium oil: look forward to bring about tangible positive rules

Yesterday, the China National Petroleum Corporation board of directors told a high-level "Securities Daily" reporters, the company and himself to the present petrochemical not seen the specific content of the revitalization planning. He has been very concerned about the network reported on the planning, but planning does not know more about, there is no way to evaluate this in the end of the China National Petroleum Corporation has what the actual benefits.

China Petroleum & Chemical Association Deputy Secretary-General孙伟善笑言, "I would also like you to see the only news network in the State Council which released five planning. Watch this 5-ray is definitely no problem, but the National Development and Reform Commission planning at least a few dozen pages, the details have to wait things out to do the evaluation. "

Key support from the planning of the project can be seen, oil refining, ethylene and xylene (PX), purified terephthalic acid (PTA), fertilizers, olefins and other products by direct support.

To do a good job of the 20 major projects under construction include: Fujian Petrochemical Company Limited 700,000 tons PX, Huizhou 1,000,000 tons PX, Shanghai Petrochemical 600,000 tons PX, Urumqi Xinjiang, one million tons PX, Fujian Shishi 600,000 tons PTA, Jiangyin, Jiangsu Han state 600,000 tons PTA, Chongqing Fuling 600,000 tons PTA.

Refining and Ethylene include: Guangdong Huizhou refinery 12,000,000 tons, 10,000,000 tons in Xinjiang Dushanzi refinery expansion, one million tons of ethylene, Fujian Petrochemical Company Limited 12 million tons refinery expansion, 800,000 tons of ethylene, 12.5 million tons in Tianjin refinery expansion, 100 million tons of ethylene, 10 million tons refinery in Guangxi, Zhenhai one million tons of ethylene, 800,000 tons Fushun ethylene, 1.2 million tons in Daqing ethylene expansion, Shenyang 500000 tons of heavy oil to olefins.

When a reporter asked about "National's decision on the companies involved in construction projects to promote, whether the company is good news", this high level of oil that do not know how to plan specific implementation, can only look forward to planning rules have more detailed approach.

孙伟善that the outside world, said China National Petroleum Corporation Sinopec benefited the most, that is people to see the planning of projects to promote ethylene basically Sinopec oil projects.

"Can be built as soon as possible to shorten the period end are certainly strong than the old towing ah, but no policy has two aspects, the evaluation should not easy. Such as ethylene project, our objective is to put into operation as soon as possible, because oil prices are relatively low; but If after two years and then rise to 150 U.S. dollars in oil prices, the finished building, etc. may also be opened when the can not work because of the oil profits should be held in the petrochemical business. so in the long run how to say not good. "

It is learned that the rules have been developed in the National Development and Reform Commission to complete levels, but also submitted to the State Council after some modifications. Is stepping up efforts to amend the current, it is estimated that in 3,4 month can come out during the two sessions. "We are sure that details are very much looking forward to the."孙伟善said this.

Analysts: looking forward to the details of the effective introduction of

Prior to planning the revitalization of other sectors is passed, the relevant sections have benefited from significant increases in revitalization planning has thus been the "golden finger" to the title. This time, these three industries to revive the planning was adopted, the relevant section or not, and its "golden finger" failure, beyond the expected number of investors. Yesterday's close, PetroChina and Sinopec were up a slight 0.69 percent and 0.44 percent.

Guosen Securities believes that the petrochemical industry, the introduction of the revitalization plan, it is possible to further promote the chemical industry has been the development of the current momentum: clean and efficient production process be promoted and backward production capacity was eliminated, the field of specialty chemicals (especially the New Chemical Materials ) will lead to new development opportunities, chemical fertilizer industry will continue to promote energy-saving and highly efficient clean coal gasification technology, speed up industrial restructuring pesticides. In short, the industry will not revive the program objectives are simple to stimulate investment, and should be integrated taxation, financial credit and other means to promote industrial upgrading, while ensuring that the chemical fertilizers and pesticides and the rural economy and healthy development of related industries, the image that is "seizing the big put small. "

Galaxy Securities analyst Li Guohong said that although this policy embodies the security structure of both growth and emphasize the core of thought, of chemical fertilizers, pesticides, oil refining, ethylene and other efforts to increase policy support, but because of the current majority of petrochemical products margins is negative, 2009 One quarter of the overall performance of the industry downturn inevitable. Affected by the global financial crisis, chemical exports more difficult, 2-March will not be significantly improved, therefore, the domestic chemical business will be one quarter of total non-profit status.

The Great Wall Securities analyst Zhang Yong, chief also pointed out that the revitalization plan is adopted by the government counter-cyclical measures to prevent landslides petrochemical business has a certain role. However, due to pricing of crude oil overseas, the domestic refined oil prices has not yet fully market-oriented, the domestic refined oil price adjustment was lower than the international price of crude oil of Change There is a certain lag, coupled with the petrochemical industry is typically cyclical industry, so the forthcoming Planning of Petrochemical Industry in the revitalization of the petrochemical industry will be affected or limited.

Huatai Securities researcher Jie Xiong even directly pointed out that the five Planning does not have any real significance, "mentioning that these are now many more years of what has been said, ah, what the specific details of the program would have come out more effective measures. "As for the China National Petroleum Corporation Sinopec has much good, he can not think now," such as ethylene and other petrochemical project to promote the construction of these projects where we have only planned to include it. "

"For the industry, plans to encourage the development of many high value-added products, but how the development will have to wait out the details more effectively." Xiong Jie think.