19 November 2009 09:58 [Source: ICIS news]
SHANGHAI (ICIS news)--China’s petroleum and chemical industries increased revenues steadily in October, after returning to positive growth in September, due to recovered demand, according to data released by an industry association on Thursday.
The country’s petrochemical revenue in October rose 9.9% year on year to yuan (CNY) 612.17bn ($89.6bn), the China Petroleum and Chemical Industry Association (CPCIA) said.
From January to October, total revenue from China's petrochemical industries slipped 6% year on year to CNY5,290bn, according to the data.
"The petrochemical industry is now suffering challenges, including continual sluggish market, overcapacity, dropping investment and hard export performance," an official from the CPCIA said.
($1 = CNY6.83)
Judith Wang contributed to this article
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