02 November 2009 11:31 [Source: ICIS news]
SHANGHAI (ICIS news)--China’s growth in revenue from the petroleum and chemical industries in September returned to positive territory, ending nine months of consecutive negative growth from the end of last year, an industry association said in a report on Monday.
Revenue from the petroleum and chemical industries in September rose by 3.3% year on year to yuan (CNY) 613.97bn ($89.9bn), the China Petroleum and Chemical Industry Association (CPCIA) said.
From January to September, the total revenue of the petroleum and chemical industries dipped by 7.9% year on year to CNY4,680bn, the report said.
The decline in revenue improved quarter on quarter in the first nine months of 2009, with the fourth quarter expected to achieve positive growth on a year-on-year basis, according to CPCIA.
The first, second quarter and third quarters saw revenue decline by 14%, 7.9% and 3.1%, respectively, according to CPCIA.
Although output and operating rates improved in the first three quarters, there was overcapacity and weakness in the chemical market during the period, CPCIA said.
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