China’s petrochemical industry revenue to grow 15% in 2010-CPCIA

02 February 2010 09:43  [Source: ICIS news]

SHANGHAI (ICIS news)--China’s petroleum and chemical industry revenue is expected to grow by around 15% in 2010 due to an economic rebound, a report from China Petroleum & Chemical Industry Association (CPCIA) said on Tuesday.

In 2009, China’s petroleum and chemical industry revenue rose 0.3% year on year to yuan (CNY) 6,630bn ($970.72bn), showing an improvement due to the economic recovery, CPCIA said.

Li Guangzan, an analyst from Zhejiang-based Founder Securities, said: “The double-digit growth this year is not a big problem on the back of strong domestic consumption, especially the potential demand from auto and property sectors.”

The industry’s January-to-November profits dropped by 5.2% to CNY419.06bn, indicating a “V” shape rebound from August 2008 to November 2009, the report said.

Full-year profit and output of the industry would rise 10% year on year in 2010, CPCIA predicted.

China’s foreign trade of petrochemical products is expected to grow by 15% year on year in 2010.

($1=CNY6.83)

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By: Judith Wang
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