Jan. 3, 2012 (China Knowledge) - The Xinjiang
Uygur Autonomous Region is expected to become the largest oil and gas production base in China by the end of the country's 12th five-year plan starting from 2011 to 2015, according to the State Council
The region's gross output value in petrochemical industry would reach around RMB 560 billion in 2015, and the crude oil and natural gas output is estimated to reach 330 million tons and 45 billion cubic meters, respectively.
A person familiar with the matter said Xinjiang
also expects to have China's largest for producing nitrogenous fertilizer and potash fertilizer.
By the end of 2010, the region had 318 large-scale petrochemical companies with a gross output value totaling RMB 271.27 billion, accounting for 50.8% of the total industrial output value in Xinjiang
The 318 enterprises reaped RMB 96.06 billion in pre-tax profit, including RMB 57.03 billion in net profit, last year.
government has singed agreements with nine companies, including China Petrochemical Corp, parent of Sinopec<600028
>, and China Huaneng Group, to jointly start a gas pipeline project with a designed gas delivering capacity of 30 billion cu m per year.