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Petrochemical industry may post double-digit growth

By Zhao Tingting (chinadaily.com.cn)
Updated: 2010-01-29 16:26
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China's petrochemical industry will show better performance this year, the Shanghai Securities News reported, citing Feng Shili, deputy secretary general with the China Petroleum and Chemical Industry Association on Thursday in Beijing.

The industry is expected to post double-digit growth in output value, revenue and profits this year, he said.

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China's petrochemical industry reached total output value of 6.63 trillion yuan last year, up 0.3 percent year-on-year, according to Feng. The amount accounted for 12.13 percent of the nation's industry output value.

Chinese refiners stopped losing money after the government issued the fuel tax and the refined oil pricing mechanism reforms. The refining sector had earned profits of 72.9 billion yuan in the first 11 months of last year.

China consumed 388 million tons of crude oil, 228 million tons of refined oil and 87.45 billion cubic meters of natural gas in 2009, 6.2 percent, 9.4 percent and 11.5 percent higher than the previous year, respectively, according to the China Petroleum and Chemical Industry Association.
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