Petrochemical Industry 

Zhejiang's petrochemical industry has developed to its current glory from the scratch ever since the foundation of the PRC. Now it has become one of the key industries in Zhejiang. According to the statistics of petrochemical enterprises with an annual sales revenue of over RMB 5 million, year 2005 sees a total sales revenue of RMB 224.6 billion, tax revenues and profits of RMB 22.7 billion, profits of RMB 13.5 billion and an export value of RMB 22.6 billion that are an increase of 35.3%, 20.5%, 18.2% and 32.8% over those of year 2004 respectively. The industry has a total workforce of 300,000. Sinopec Zhenhai Refining and Chemical Co., Ltd has become the biggest crude oil processing base and finished oil export base nationwide; Henghua Group has become the biggest nitrogen manufacturing base in China after its Phase I and Phase II fluorin projects and its fluoro resin project are launched into operation. Zhejiang Xin'an Chemical Group Co., Ltd and Zhejiang Longsheng Group are both leading in Asia in terms of their production capacity and output of glyphosate fertilizers and dyestuffs respectively. Qianjiang Biochemical has become the biggest manufacturer of validamycin A in China. A lot of key projects, including Teijin Chemical's phase I project of 50,000t/year panlites, project of Formosa Petrochemical's downstream products (300,000t/year ABS, 700,000t/year PVC, 600,000t/year IPA, etc), Yantai Wanhua's 240,000t/year MDI project, Ningbo Yusheng Petrochemical's 600,000t/year PTA project, Hualian Sanxin's 600,000t/year PTA project, etc, have been launched into operation successively. Zhejiang's output of dimethyl formamide, engineering plastics, various accessory ingredients, fodder additives and information-type chemicals also occupy a big market share in China.

As is shown by the statistics of 2005, there are totally 2,146 petrochemical enterprises with annual sales revenues of over RMB 5 million in Zhejiang. They produce as many as 10,000 different varieties of petrochemical products. Thus a well-established modern petrochemical industry has come into existence incorporating chemical mining, manure, pesticide, raw chemical materials, organic chemicals, synthetic materials, special-purpose chemicals, rubber products, chemical machinery, petroleum refining and other chemicals. Among all these products, the outputs of pesticides, dyestuffs, fluorin chemicals, information chemicals, fodder additives and others are leading in China. Refined chemicals even occupy over 50% of the national output and have always been leading domestically in the past ten years.