A wave of chemical industry leaders is seeking new investment opportunities in China as the country’s chemicals consumption forges ahead, driven by economic growth rates unseen elsewhere in the world, according to local officials who participated in the 2011 China Petroleum and Chemical International Conference, co-organized by the China Petroleum and Chemical Industry Federation (CPCIF), the Association of International Chemical Manufacturers (AICM) and IHS Chemical Week (NYSE: IHS).
By the end of China’s 12th five-year plan, which gets under way this year, output in Tianjin is expected to double in value to Rmb 800bn, including 35 Rmb 80bn conglomerates, and 25 business groups, each worth Rmb 10bn, according to local officials.
"Tianjin is becoming the leading petrochemicals production base in China” according to Cui Jindu, vice mayor.
Tianjin, the fastest growing city in China, has been designated the next pole for chemicals investments. Nearly 1,000 delegates attended last week’s 2011 China Petroleum and Chemical International Conference reflecting the business interest in China’s vibrant chemicals sector.
The opening day of the conference featured a CEO roundtable of chemical industry leaders from China and around the world discussing resource issues and mergers and acquisitions activity. Li Shousheng, executive vice chairman-CPCIF, and Lyn Tattum, vice president and publisher-IHS Chemical Week, moderated the session.
The conference began with presentations from senior management from the Tianjin Municipal Government, SABIC, Shenhua Group, Dow Corning, Ineos and others.
The conference also included workshops on the outlook for the global chemical industry by IHS CMAI President Gary Adams and a tour of the Tianjin National Chemical Cluster located in Tianjin Economic Development Area.
"The China Petroleum and Chemical International Conference is quickly becoming the destination event for senior chemical industry management,” said Tattum, publisher-IHS Chemical Week and director-IHS Chemicals. "From the program quality to our hosts in Tianjin, all aspects of the conference were of vital interest to the executive-level attendees.”
To learn more about the event, go to www.chemweek.com/CPCIC11