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Slowdown weights on energy industry

(Global Times)

08:27, May 14, 2012

Petrochemical companies with annual revenues exceeding 20 million yuan ($3.17 million) saw their profits drop to 98.8 billion yuan, down 22 percent year-on-year in the first two months of 2012, the China Petroleum and Chemical Industry Association reported on the weekend.

These companies saw a combined 9.21 billion yuan deficit in their refining business during this period, compared with a profit of 14.28 billion yuan in the first two months of 2011, the association said. The current profit slump was attributed to the slowing economic growth in the markets, which has greatly affected the energy industry, analysts said.

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