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Marine Chemicals to Lead Shandong Economy Expected to Increase Its Production Value to 300 Billion Yuan in 2010
In a recent update from Shandong Province's relevant authorities, it was revealed that during the "Eleventh Five-Year Plan" for marine economic development, the province has identified marine chemicals as a key driver for rapid economic growth. The goal is to significantly boost the value of the marine chemical industry by 2010. By 2004, the sector had already grown from 96 billion yuan to 300 billion yuan, reflecting an average annual growth rate of over 20%.
According to reports, Shandong is actively focusing on leveraging its strengths and pushing for breakthroughs in several key industries. These include marine high-tech sectors, petrochemicals and marine chemicals, coastal tourism, and marine transportation. The aim is to quickly build scale and competitive advantages, promoting the formation of a high-quality marine industrial system.
First and foremost, the province is prioritizing the development of marine high-tech industries. With access to abundant marine resources and advanced scientific capabilities, Shandong is concentrating on key enterprises and projects. Efforts are being made to accelerate progress in areas such as marine biomedicine, functional foods, engineering materials, environmental protection technologies, and seawater utilization. The goal is to develop core products with independent intellectual property and foster a group of high-growth marine industries. Additionally, the extraction of bioactive substances from the ocean will support the development of processing and bio-functional materials industries.
At the same time, the petrochemical and marine chemical industries are also seeing accelerated growth. The province is enhancing exploration and utilization of offshore oil, gas, and brine resources, while promoting deep processing of products and large-scale, intensive production to improve market competitiveness. New oil and gas fields are being developed, and companies are encouraged to invest overseas to secure energy supplies. The petrochemical sector aims for large-scale, integrated development, with plans to build 10 million tons of refining capacity annually along the coast, targeting the establishment of Zibo, Qingdao, and Bohai Bay as national petrochemical hubs.
In the marine chemicals sector, companies like Shandong Haihua, Lubei Chemical, and Qingdao Bay are driving technological upgrades and product improvements. They are increasing added value and focusing on producing pharmaceutical intermediates, dye intermediates, photo-sensitive materials, and sea salt products. The ultimate goal is to position Shandong as a major marine chemical production base in the country.