23 July 2009 09:44 [Source: ICIS news]
GUANGZHOU (ICIS news)--?xml:namespace>
The prosperity index for the oil and gas-exploration industry increased 17 points from the first quarter to 153.5 points in the second quarter, while the chemical industry rose 13.3 points to 99.4 points.
The figures were published in a joint report by the China Economic Monitoring and
The production index for the petroleum sector gained 1.43 points in the second quarter to 99.02 points, while the chemical sector rose 0.59 points to 99.22 points, the report said.
Total profits for the petroleum sector increased 73.3% quarter on quarter to yuan (CNY) 71bn ($10.4bn), while the chemical sector went up more than twofold to CNY47bn, according to the report.
Around 22.1% of
Almost 20.6% of the companies in the chemical sector reported losses in the second quarter, down 3.8 percentage points from the first quarter, it said.
Overall, the data showed that the petroleum and chemical industries were on an uphill trend, and performance in the second half of the year would be even better, industry analysts said.
“With further implementation of stimulus plans like tariff breaks on exports, the industries would see higher profitability and growth,” said an analyst from the
A recovery in the global economy would help boost demand and
($1 = CNY6.83)
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