Related News
Rumors of an energy-sector stimulus plan
By Wang Ying |
February 14, 2009, Saturday
|
Print Edition
Print Edition
CHINA, the world's second-biggest energy consumer, may approve a stimulus plan for the oil refining and petrochemicals sector next week to help spur the slowing economy, two industry officials said.
The proposal, which includes tax incentives and the acceleration of construction projects, has already been submitted to the State Council, two officials at the China Petroleum and Chemical Industry Association, who declined to be identified because of internal rules, told Bloomberg News yesterday.
The Cabinet will decide on the final plan, said the officials, one of whom participated in the drafting of the proposal.
China's economy, the world's third-largest, expanded at the slowest pace in seven years in the fourth quarter last year, cutting consumption of fuels and petrochemicals. The plan for the energy sector will add to the 4-trillion-yuan (US$586 billion) of spending that the government announced in November to support the economy amid the global recession.
"Demand should start to pick up in March or April as the stimulus measures take effect," Wang Aochao, an analyst at UOB Kay Hian Ltd in Shanghai said.
The draft plan proposed that the government take advantage of low prices and stockpile oil products to help reduce an oversupply in the domestic market, one of the officials said.
It was proposed that the state build a reserve of 10 million tons of fuels by 2011, he said. The officials didn't give the value of the stimulus package.
The proposal, which includes tax incentives and the acceleration of construction projects, has already been submitted to the State Council, two officials at the China Petroleum and Chemical Industry Association, who declined to be identified because of internal rules, told Bloomberg News yesterday.
The Cabinet will decide on the final plan, said the officials, one of whom participated in the drafting of the proposal.
China's economy, the world's third-largest, expanded at the slowest pace in seven years in the fourth quarter last year, cutting consumption of fuels and petrochemicals. The plan for the energy sector will add to the 4-trillion-yuan (US$586 billion) of spending that the government announced in November to support the economy amid the global recession.
"Demand should start to pick up in March or April as the stimulus measures take effect," Wang Aochao, an analyst at UOB Kay Hian Ltd in Shanghai said.
The draft plan proposed that the government take advantage of low prices and stockpile oil products to help reduce an oversupply in the domestic market, one of the officials said.
It was proposed that the state build a reserve of 10 million tons of fuels by 2011, he said. The officials didn't give the value of the stimulus package.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
