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Last updated at: (Beijing Time) Thursday, July 31, 2003

China's Oil, Petrochemical Sectors See Record Profits

China's oil and petrochemical sectors reported 92 percent growth in their mid-year profits year on year to 89.7 billion yuan (10.9 billion US dollars), a record high.


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China's oil and petrochemical sectors reported 92 percent growth in their mid-year profits year on year to 89.7 billion yuan (10.9 billion US dollars), a record high.

At a national conference on economic performance of the oil and petrochemical sectors Wednesday, industry leaders said the sectors generated 880.1 billion yuan (107.3 billion US dollars) during the first half of the year, up 31.3 percent, while industrial added value totaled 274.8 billion yuan (335 billion US dollars), up 36.6percent.

The sectors also recorded 848.7 billion yuan (103.5 US dollars) in sales, up 33.2 percent.

Tan Zhuzhou, president of the China Association of Oil and Petro-chemical Industries, said the performance of the sectors could be characterized as high growth, high returns in general and decreasing losses for firms in the red.

Despite the improved performance, the loss-making firms in the two sectors registered 7.23 billion yuan (881 million US dollars) in operating losses, down by 17.4 percent year on year.

Outputs of 88 of the 106 major oil and petro-chemical products were up during the first six months of this year.

Higher crude oil prices prompted the increase of the prices of chemical products, involving 89 of 132 major products, or 66.9 percent.


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