Petrochemical income in China up 9.9% in H1-2013

30-Sep-13

The main business income of China's petrochemical industry grew by 9.9% to 6.6 trillion yuan (US$1.1 trillion) in the first seven months of the year, as per Xinhua. The industry's net profit totaled 221 billion yuan (US$36.1 bln), up 43% year on year, or 45 billion yuan (US$7.3 bln), said the National Development and Reform Commission. The commission attributed the profit surge to refining businesses having turned losses into a profit in the Jan-July period. From January to August the petrochemical industry's output of crude oil reached 317.16 mln tons, up 4.7%, while refined oil reached 95.88 mln tons, up 5.7%, and ethylene reached 10.53 mln tons, up 5.6%. Meanwhile, the industrial added value of large chemical manufacturers of raw material and products rose 12% from the same period last year.