November 21 -- The petrochemical industry is projected to post annual growth of more than 10 percent per year throughout the 12th Five-Year Plan period, and record output value of about 16 trillion yuan by 2015, reports Shanghai Securities News, citing Gu Zongqin, president of the China National Petroleum and Chemical Planning Institute.

According to Gu, as China is currently undergoing rapid industrialization and urbanization, parts of the petrochemical industry chain have relatively huge growth potential.

The petrochemical industry posted average annual growth of 20.6 percent during the last 10 years, with total output value of 8.88 trillion yuan as end 2010.

Refined oil, potash fertilizers, olefin, organic raw materials, natural gas, low-arbon raw materials including light hydrocarbons, new chemical raw materials are among some of the high-end products that possess huge growth potential during the next five years, said Gu.

For the refined oil sector, Gu said China will raise the capacity of new refineries to one million tons per year, and by 2015, the average annual capacity of refineries across China is expected to exceed six million tons.

In addition, China will have several large refining bases with capacity of two million tons by the end of the 12th Five-Year Plan period.

Shares of Rongsheng Petro Chemical (002493) were unchanged to trade at 23.15 yuan per share at 9:35 today.