China's petrochemical sector profit grows in H1 2013

31 Jul '13

2 min read

The main business revenue of the Chinese petrochemical industry reached 6.3 trillion yuan in the first half of 2013, showing an increase of 10 percent year-on-year, according to relevant data.

The Chinese petrochemical industry realized a total profit of 400 billion yuan from January to June 2013, registering an increase of 11 percent year-on-year.

In fact, the western region of China showed a sustained and rapid growth in petrochemical sector investment during the six-month period, representing an increase of 27.2 percent year-on-year.

Speaking at the eighth Taiwan Strait Petrochemical Technology Conference, held in Ningxia, recently, Li Wu, president of the China Petroleum and Chemical Industry Federation said, China’s petrochemical industry has grown in leaps and bounds since 2000, with a growth in industrial base, industrial chain, and technological innovation, thus laying a strong foundation.

Over the years, the Chinese petrochemical industry is expanding rapidly and has formed more than 50 key industries, producing over 60,000 kinds of products.

Currently, the output value, profits, investment, and growth rate of imports and exports of the Chinese mainland petrochemical industry has maintained a high level, Li said.

However, some Chinese petrochemical enterprises are currently facing a problem of excess capacity and insufficient demand. In addition, there are difficulties posed by corporate restructuring operations and increased risk of short-term interests, which makes decision-making a more difficult challenge.

This is forcing the Chinese petrochemical firms to take innovation-driven, transformation and upgrading road to development, while adhering to quality improvement, Li said.

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