China November petrochemical sales surge 32.2% to record high

28 December 2010 06:29  [Source: ICIS news]

SHANGHAI (ICIS)--Revenues at China’s petroleum and chemical sector hit a record high of yuan (CNY) 843bn ($127bn) in November, surging 32.2% year on year, an industry report showed on Tuesday.

The strong industry performance last month was backed by China's healthy economic growth, as well as by good supply and demand conditions in the industry, based on the China Petroleum and Chemical Industry Federation (CPCIF) report.

Sixty-eight of the 78 petrochemical products that the federation monitors showed stable to higher output during the month, the CPCIF said.

This was the first time that the petroleum and chemical industry has generated revenue worth more than CNY800bn, with the refinery sector leading with a revenue growth of 34.2% across all regions in China.

The industry's total trade in November was valued at CNY42.2bn, an increase of 40.9% year on year, with imports rising 39.9% to CNY29.5bn and exports surging 43.1% to CNY12.6bn, according to the CPCIF report.

Additional reporting by Judith Wang

($1 = CNY6.63)

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