China's petrochemical sector profit up 30%

BEIJING - China's petrochemical industry profit in 2017 grew at the fastest pace in six years, according to the China Petroleum and Chemical Industry Federation on Wednesday.

The sector's 2017 profit is estimated to exceed 850 billion yuan ($130 billion), up 30 percent.

Revenue from core operations totaled 14.5 trillion yuan last year, up 12.5 percent, while imports and exports as a whole increased by 22 percent to $560 billion.

The petrochemical industry has been hindered by overcapacity along with security and environmental constraints. A State Council guideline issued in August 2016 said China must increase the competitiveness of the industry.

By 2020, energy consumption per yuan of output should be cut by 8 percent from the 2015 level, with carbon dioxide emissions and water consumption reduced by 10 percent and 14 percent.