petroleum

As a pillar industry in the national economy, China's petroleum industry faces unprecedented challenges and opportunities, driven by the demand of related industries. Having a bearing on the national welfare and the people's livelihood, it is a focus of competition among the public. On December 11, 2006, China opened its product oil market, which signifies that the transition period for China's petroleum and petrochemical industry after the WTO entry came to an end. In the past five years, China's petroleum and petrochemical industry has experienced immense, profound and irreversible changes in internal and external development environment, the industry's development and market situation: China's petroleum and petrochemical market opens up, diverse market players have emerged, and the government's regulatory system is improving and getting on the road of legal system. As the market opens up, China's petroleum and petrochemical industry experiences further development. Through reform and reorganization, China's state-owned petroleum and petrochemical enterprises are growing in size and strength. The Chinese economy is in the period of steady rapid development, with soaring demand for oil products. By 2010, China's demand for gasoline, kerosene and diesel oil is expected to hit 185 million to 189 million tons.