23 December 2009 11:03 [Source: ICIS news]
SHANGHAI (ICIS news)--The total revenue of China’s petroleum and chemical industries reached yuan (CNY) 636bn ($93bn) in November, its highest level so far for 2009, due to improved demand and increased operating rates, the China Petroleum and Chemical Industry Association (CPCIA) said on Wednesday.
November production values increased 28.4% compared with the same period last year and 3.9% from October, according to the CPCIA report. The month-on-month increase was the largest percentage point rise since January, the report stated.
Demand for some major products has picked up, and there has been rapid growth in the apparent consumption volume between January and October, the report added. (Apparent consumption is defined as production plus imports minus exports.)
The decline in profit margins was expected to be less than 10% in 2009, while external trade for the year was seen to post a larger decrease, the report added.
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