China's petrochemical sector is expected to post a 31% y-o-y rise in the value of its output to Yuan 11.2 trillion (US$1.7 trillion) in 2011 when figures for the year are collated, as per the China Petroleum and Chemical Industry Federation reported by Xinhua.
Output of large petrochemical enterprises increased 32.6% y-o-y to Yuan 10.24 trillion over the first 11 months of last year, mainly due to industrial upgrading.
Analysts attributed the sound performance to increasing domestic demand, accelerations in upgrades, improved energy efficiency and the rapid growth of non state-owned enterprises. Over the January-November period, the output of non state-owned enterprises surged 35.8% y-o-y to Yuan 5.12. These figures are estimated to rise over 20% to over Yuan 13 trillion in 2012, with profits expected to climb 15% to around Yuan 950 billion.