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 DEVELOPMENT OF CHINA'S INDUSTRY |
| China¡¯s petroleum and chemical industry enjoyed a stably fast development in 2007 and realized RMB5.3t gross industrial output value, up by 22.5% year-on-year and RMB530b profits, up by 21% year-on-year. The actual product selling rate reached 98.6%, almost staying flat with that in 2006. The fixed assets investment amounted to RMB635b, up by 34% year-on-year, and the actual total amount of import and export totaled USD319.79b, up by 25.0% year-on-year, among which, that of import reached USD218b, up by 20.9% year-on-year, and that of export reached USD101.78, up by 34.9% year-on-year. |
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| STATUS OF FOREIGN INVESTMENT |
| According to the statistics of MOFCOM, 44 foreign investment projects in Petrochemicals industry(Petrochemicals Industry (Code C25) hereinafter is in accordance with the National Economic Industrial Classification (GB/T4754-2202).) were newly set up in 2007, 11 less than that of the same period in the last year, and the amount of the actual utilized foreign capital reached USD 453570,000, up by 60.34£¥ year-on-year. |
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| COMMITMENTS TO THE WTO AND INTERNATIONAL PRACTICES |
| According to the Schedule of Specific Commitments on Services, an annex of the Protocol of China's accession to the WTO, Offshore oil-field services include geological, geophysical and other scientific prospecting services and Sub-surface surveying services and should be only in the form of petroleum exploitation in cooperation with Chinese partners. |
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| DEVELOPMENT OF GLOBAL INDUSTRIES |
| Statistics show that in 2006 the world's oil refining industry was undertaking stable adjustment and development after previous year¡¯s rapid development. By January 1, 2007, global refining capacity had reached 4.26 billion tons / year, only increasing by 6.8 million tons or 0.16% over the previous year. Growth in 2006 slowed significantly compared with an increase of 130 million tons in 2005. |
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