Hengyuan Petrochemical In recent years, Linyi County has continuously evaluated the economic development environment, the pace of reform and opening up has been significantly accelerated, economic and social undertakings have developed rapidly, and comprehensive economic strength has been rapidly improved.
The industrial economy is booming. Linyi county is rich in mineral resources, especially oil and natural gas resources. At present, the proven geological reserves of petroleum are 292 million tons and natural gas reserves are 4 billion cubic meters. There are three major oil companies in China: Pan Lin Oil Production Plant of Shengli Petroleum Administration Bureau, Pan Lin Drilling Company of Yunnan-Guizhou-Guangxi Petroleum Exploration Bureau and Linyi No.1 Station of East China Oil Pipeline Administration Bureau. There are more than 0/800 oil and gas wells/KLOC, with an annual output of 2.3 million tons. In recent years, the county has vigorously implemented the construction project of cultivating and developing backbone financial enterprises and "Linyi Hengyuan Economic Development Zone" to lengthen its advantages and optimize its structure. At present, Linyi County has formed an industrial system focusing on petrochemical industry, paper making, textile, machinery, liquor, beer, food and vegetable processing, and cultivated a number of key enterprises such as Hengyuan Petrochemical, Changyuan Paper, Keda Beer and Luobeichun Liquor.