The official who participated in the drafting of the blueprint stated that the blueprint will encourage domestic energy companies to conduct overseas acquisitions, while the central government will provide partial funding for such acquisitions and may even hold part of the equity of future acquisition targets through subordinate investment companies. The official declined to be named. In addition, the blueprint will highlight the government’s efforts to shut down inefficient small refineries. He added that oil refineries with an annual processing capacity of less than 2 million tons of crude oil will be closed before 2011.
China will soon announce blueprint for energy industry development
China Petroleum and Chemical Industry Association officials said on Friday that China will soon announce a blueprint for the development of the energy industry as a supplement to the comprehensive stimulus plan for the petrochemical industry announced in February.