China Knowledge quoted according to the State Council that the Xinjiang Uygur Autonomous Region is expected to become the largest oil and gas production base in China by the end of the country 12th five-year plan starting from 2011 to 2015.

The region gross output value in petrochemical industry would reach around CNY 560 billion in 2015 and the crude oil and natural gas output is estimated to reach 330 million tons and 45 billion cubic meters respectively.

A person familiar with the matter said Xinjiang also expects to have China's largest for producing nitrogenous fertilizer and potash fertilizer.

By the end of 2010, the region had 318 large scale petrochemical companies with a gross output value totaling CNY 271.27 billion, accounting for 50.8% of the total industrial output value in Xinjiang.

The 318 enterprises reaped CNY 96.06 billion in pre-tax profit including CNY 57.03 billion in net profit last year.

(Sourced from China Knowledge)