The National Development and Reform Commissionpromulgated on March 16, 2006 the Plan for the Long- andMedium-term Development of the Oil Refining Industryadopted by the No. 121 Standing Meeting of the StateCouncil. Designed as a guideline for the overall developmentof the Chinese oil refining industry in the years to come, thePlan takes a close look at the status quo and trends ofdevelopment of the global oil refinery industry, and theexisting circumstances and problems faced by the domesticoil refining industry as well as finished oil consumption,projects the emerging mix of oil product consumption anddemand, and details the guidelines, schemes, policies andmeasures for the long- and medium-term development ofthe Chinese oil refining industry. A clear understanding ofthe Plan needs to be developed based upon the followingseven points: the global oil refining industry is expected tocontinue its momentum for steady growth; the majorproblems faced by the domestic oil refining industry need tobe brought under closer scrutiny and given greater concern;fast-growing consumption will bring about greatopportunities for the industry’s high-speed development;the Scientific Concept of Development serves as the guidelinefor the industry’s medium and long-term development; thePlan defines ambitious but feasible objectives fordevelopment; it stresses the need to close down the small oilrefineries and build big ones for the economies of scale, tosharpen the plants’ edge for independent innovation and tobetter allocate the crude oil resources; the Plan places at aprominent position the six policies and measures aimed atfacilitating the planning implementation.T The National Development and Reform Commissionpromulgated on March 16, 2006 the Plan for the Long- andMedium-term Development of the Oil Refining Industryadopted by the No. 121 Standing Meeting of the StateCouncil. Designed as a guideline for the overall developmentof the Chinese oil refining industry in the years to come, thePlan takes a close look at the status quo and trends of development of the global oil refinery industry, and theexisting circumstances and problems faced by the domesticoil refining industry as well as finished oil consumption, projects the emerging mix of oil product consumption anddemand, and details the guidelines, schemes, policies andmeasures for the long- and medium-term development ofthe Chinese oil refining industry. A clear understanding of the Plan needs to be developed based upon the followingseven points: the global oil refining industry is expected tocontinue its momentum for steady growth; the majorproblems faced by the domestic oil refining industry ne the scientific concept of Development serves as the guideline for the industry’s medium and long-term development; the Plan defines ambitious but feasible objectives fordevelopment; it stresses the need to close down the small oilrefineries and build big ones for the economies of scale, tosharpen the plants’ edge for independent innovation and tobetter allocate the crude oil resources; the Plan places at aprominent position the six policies and measures aimed atfacilitating the planning implementation.T