China's petrochemical industry posts over 6% slide in Q1

China's petroleum and petrochemical industry, particularly refining industry, has posted a big slide in profits of the first quarter of this year. Profits totaled 77.149 bln yuan, down 6.12%. Profits of China's petrochemical industry are mainly affected by various factors including slowed economic growth, declined demands, influence of the U.S. sub-prime crisis and surge of international oil price. Statistics from China Petroleum and Chemical Industry Association (CPCIA) show that, in the first two months of this year, petroleum and petrochemical industry generated revenue of 889.863 bln yuan (US$127.2 bln) from main operating business, up 30.64% year on year. Some 5,672 units of enterprises ran in the red in the period, up 6.8% year on year, losing a total 34.923 bln yuan, up 580.5% year on year. In term of the three sub-industries, profits of petroleum and natural gas exploitation surged by 61.23%; profits of chemical industry gained 17.1% year on year, down 68.6 percentage points over the same period of last year. Refining industry's profits plunged in the period, losing a total of 23.924 bln yuan. It is predicted that profits of petroleum and petrochemical industry are likely to report 2% decline as a whole in the first quarter. Profits of petrochemical industry are expected to recover in the second quarter, along with performance of relevant supporting policies and adjustment of product and industry structure.
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