Paper: China's Petrochemical Equipment Industry to Turn from 'Large' to 'Strong'

China's petroleum and petrochemical equipment industry keeps hotter as the international oil price has pierced through 100 dollars and the national demand for oil is increasing. In the 12th-Five-Year period, by boosting the development of high-class equipment, China strives to promote the local content for large-scale equipment, fully develop the energy-saving and environmental protection equipment and put forward the independent innovation ability which will finally advance the petrochemical equipment industry to turn to a strong scale from the original large ones, according to China Securities Journal.

Statistics shows that in the 11th-Five-Year period, the total assets of China's oil and petrochemical equipment manufacturing increased to 200.56 billion yuan with an average increase of over 3 times.

China's development of petroleum equipment industry has drawn the whole world's attention. In June 2011, Shell signed a cooperation agreement with CNPC for a joint venture well corporation.

This year, the 12th China International Petroleum & Petrochemical Technology and Equipment Exhibition (cippe) will be held in Beijing from March 19 to 21 sponsored by CPEIA and CCPIT.

About 1,500 enterprises from 60 countries and regions will take part in the exhibition, according to the organizer.