Zhejiang’s petrochemical industry has developed to its current glory from scratch in the 50 years since the founding of the PRC. Now it has become one of the key industries with great potential in Zhejiang. According to the statistics on petrochemical enterprises in Zhejiang Province with an annual sales revenue of over RMB 5 million, in 2005, total sales revenue created reached RMB 224.6 billion, an increase of 35.3% over the same period last year (the same hereinafter); total amount of pre-tax profits earned reached RMB 22.7 billion, an increase of 20.5%; profits earned reached RMB 22.7 billion, an increase of 18.2%; and the export delivery value reached RMB 22.6 billion, an increase of 32.8%. The industry now has a total workforce of 300,000. Sinopec Zhenhai Refining and Chemical Co., Ltd has become the biggest international crude oil processing base and processed oil export base in China; Zhejiang Quhua (Group) Corporation has become the biggest nitrogen manufacturing base in China after its Phase I and Phase II fluorine chemical projects and its fluorine resin project have been launched into operation. The production capacity and output of glyphosate fertilizers by Zhejiang Xin’an Chemical Industrial Group Co., Ltd and dyestuffs by Zhejiang Longsheng Group Co., Ltd rank No.1 in Asia. And Qianjiang Biochemical Co., Ltd has become the biggest manufacturer of Jinggangmycin in China. A batch of key projects, including the first phase of Teijin Chemical Ltd’s 50,000t/year Polycarbonate resin project, Formosa Petrochemical Corporation’s downstream products project (300,000t/year ABS, 700,000t/year PVC, 600,000t/year IPA, etc), Yantai Wanhua Polyurethane Co., Ltd.’s 240,000t/year MDI project, Ningbo Yisheng Petrochemical Co., Ltd’s 600,000t/year PTA project, Zhejiang Hualian Sunshine Petrochemical Co., Ltd.’s 600,000t/year PTA project, etc, have been launched into operation successively. Zhejiang’s output of dimethylformamide, engineering plastics, various accessory ingredients, fodder additives and information-type chemicals also occupy a big market share in China.
　　As is shown by the statistics of 2005, there are a total of 2,146 petrochemical enterprises with annual sales revenues of over RMB 5 million in Zhejiang. They produce as many as 10,000 different varieties of petrochemical products. Thus a well-established system of modern petrochemical industry has come into existence, which incorporates mining and dressing of chemical materials ores, the production of chemical fertilizers, pesticides, basic chemical materials, organic chemicals, synthetic materials, special chemicals, rubber products, chemical engineering machinery and other chemicals; and petroleum refining. Among all these products, the outputs of pesticides, dyestuffs, fluorine chemicals, information chemicals, fodder additives and others come out on top in China. The rate of output value of refined chemicals is over 50%, and has maintained its leading position for the past ten years.