China’s petroleum industry output value up by 12.9% YOY in 2012

30 January 2013 07:40  [Source: ICIS news]

SINGAPORE (ICIS)--China’s petroleum industry output value increased by 12.9% year on year in 2012 to achieve yuan (CNY) 10,859bn on stable policy support, according to data from China Petroleum and Chemical Industry Association (CPCIA) on Wednesday.

According to the official data, the output value for petrochemical industry in 2012 reached CNY 7,204bn, higher by 14.2% year on year, while the output value for the oil refining industry reached CNY 3,356bn, higher by 9.7% year on year.

The output value of the petroleum industry was at CNY 1,008bn in December 2012, up by 16.8% year on year, the data showed.

Meanwhile, most products’ output in 2012 were largely stable year on year, except for that of ethylene, which declined. Crude processing output reached 468m tonnes, higher by 3.7% year on year, while ethylene output declined by 2.5% year on year to 14.87m tonnes in 2012, the data added.

The profits of the petroleum industry declined by 9.4% year on year to CNY 325bn during January to November in 2012, including the oil refining industry with a net loss of CNY 11.5bn and the petrochemical industry with a profit of CNY 319bn in the same period.

The petroleum industry is expected to reach a profit of CNY 380bn in the year 2012, according to the report from CPCIA.

($1 = CNY6.23)

By: Dolly Wu
+65 6780 4359

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