Binhai New Area will increase its exploration and reserves of oil and gas and aims to exploit 40 million tons of oil with reserve capacity of 20 million tons on a yearly basis. The annual crude oil refining capacity is expected to reach 350 tons. 

The New Area will advance the 13 million-ton Sino-Russia oil refining project and the 1.3 million-ton ethylene cooperation project between China, Qatar and South Korea. It will expand the processing industry of upstream raw materials and have the production capacity of 3 million tons of ethylene.

Binhai New Area will develop a group of million-ton upstream products in petrochemical industry, including PTA, PVC, polyethylene and polypropylene, provide upstream raw materials for basic organic raw materials, synthetic resin, synthetic rubber and synthetic fiber, increase efforts on the development of high-end petrochemical product clusters. It will also develop high-end environmentally friendly downstream products with high added value.

The New Area will improve four circular economy industrial chain of comprehensive utilization of petroleum chemical industry, marine chemical industry, fine chemical industry and energy, extend 30 product chains for ethylene, propylene, C1, isocyanate and silicone, build the product chain -- crude oil processing - basic chemical raw materials -chemical intermediates - fine chemicals, marine chemical and new material product for petroleum chemical industry; speed up industrial progress and upgrading of products; and encourage high-tech projects with high added value.

Goals

Binhai New Area aims to become a world-class oil and chemical industry base. By 2020, the output value of petroleum and chemical industry is expected to reach 1.2 trillion yuan ($190.78 billion), accounting for about 29 percent of the area’s industries, and the output value of each square kilometer will be 13.5 billion yuan.