04 May 2011 04:44 [Source: ICIS news]
SHANGHAI (ICIS)-- The output value from China’s petroleum and chemical industries in the first quarter of 2011 surged 34.3% year on year to yuan (CNY) 2,420bn ($372.3bn), China Petroleum and Chemical Industry Federation (CPCIF) said on Wednesday.
Strong market demand and rising prices pushed up the sales of the two industries by 34.5% to CNY2,380bn in the first quarter, according to a report released by CPCIF.
Over 92% of the 78 petrochemical products that the federation monitors showed a year- on-year output growth in the first three months, the CPCIF said.
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Imports of the petroleum and chemical industries jumped 32.5% year on year to $99.8bn (€66.9bn) in January to March, while exports climbed 30.7% year on year to $37.2bn, according to the report.
The fixed asset investment of the petroleum and chemical industries advanced 17.8% to CNY179.5bn in the first quarter compared with a year earlier, CPCIF said.
CPCIF estimated that the output value of the petroleum and chemical industries in 2011 will grow by 20% year on year to CNY10,600bn, according to an earlier report published by CPCIF in late January.
($1 = CNY6.50, $1 = €0.67)
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