Petrochemical industry

The proposed package will be submitted to the State Council for approval soon. Sources with China Petroleum and Chemical Industry Association (CPCIA) said it is expected to be announced after the Chinese Lunar New Year.
The nation had earlier announced stimulus packages for steel and auto industries recently.
"The package will focus on oil products restructuring and improvement on technology," an industry insider, who declined to be named, said.
Under the package China plans to invest 60 billion yuan this year to improve the quality of 60 million tons of gasoline to the level of China III and China IV standards, which are equivalent to Euro III and Euro IV standards, according to the report.