China petroleum, chemical industries post 41% rise in H1 revenue

30 July 2010 09:43  [Source: ICIS news]

SHANGHAI (ICIS)--Revenue from China’s petroleum and chemical industries in the first six months of 2010 rose 41% year on year to yuan (CNY) 4,110bn ($607.1bn) as a result of rising output, prices and domestic demand, an industry organisation said on Friday.

According to a report released by the China Petroleum and Chemical Industry Federation (CPCIF), 74 of the 78 petrochemical products that the federation monitors showed year-on-year output gains in the first six months of this year.

China produced 98.5m tonnes of crude oil in the first half of the year, up 5.3% from the same period last year, CPCIF said.

Ethylene output rose by 25.5% year on year to 6.01m tonnes, while methanol production surged by 53.3% to 8.11m tonnes, the federation said.

Imports in China's petroleum and chemical industries rose by 71% year on year to $158.5bn (€122.04bn) and exports increased by 40% to $61.5bn.

Despite the gains, the industries' imports and exports had yet to return to levels seen before the global economic crisis, the federation said.

However, the industries were expected to slow down in the second half of the year amid a deceleration in China’s economy

Full-year sales in the industries for 2010 were expected to rise by 29.3% from last year to CNY8,570bn, with sales growth in the third quarter predicted to increase by 25.2% year on year and that for the fourth quarter to go up by 16.5%, according to the report.

CPCIF, formerly known as the China Petroleum and Chemical Industry Association (CPCIA), changed to its present name on 7 May.

($1 = CNY6.77/$1 = €0.76)

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By: Judith Wang
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