China’s government is reportedly mulling a massive $73bn stimulus package for the domestic petrochemical industry, according to state media reports of late.

A report by ICIS news claims that the stimulus will be a welcomed move by the industry, as it attempts to battle on through the global financial crisis.

Meanwhile the China Daily reports that the stimulus package will include an investment in 2009 and 2010 for upgrades in oil products, and an investment for the construction of 20 new large-scale petrochemical projects.

It is thought (through media reports) that part of the package will be funded by petrochemical giants Sinopec and China National Petroleum & Chemical (CNPC).