Pace of growth in China's petrochemical industry much slower in Q1 amid economic slowdown

03-May-12

China's petrochemical industry expanded at much slower pace in the first quarter amid the economic slowdown, according to data released by the National Development and Reform Commission (NDRC) as per X inhua. Petrochemical industrial production rose 16% annually to reach 2.4567 trillion yuan (391.3 billion U.S. dollars) in the first quarter, decelerating further from 22.1% in Q4-2011, according to NDRC. From January to March, the petrochemical sector processed 114.91 mln tons of crude oil, up 3.1% year-on-year, while refined oil products added 5.5% annually to reach 69.15 mln tons, according to NDRC. Investment of the petrochemical sector, however, kept rapid growth during the first quarter, with the combined investment amounting to 202.4 billion yuan, up 33.5 percent year-on-year.