China petroleum, chemical industries output soar 34.3% in Q1

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.

Ethylene output rose 32% year on year to 3.9m tonnes, methanol production grew 24.3% to 4.8m tonnes and caustic soda output increased 17.7% to 5.6m tonnes in the first quarter, CPCIF said.

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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By: Judith Wang
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