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Petrochem turnover up in March

By Wan Zhihong (China Daily)
Updated: 2009-04-24 07:48

Petrochem turnover up in March

A Sinopec petrochemical project in Tianjin. [CFP]

China's petrochemical industry registered a 26.3-percent month-on-month growth in March turnover, pointing to signs of a recovery in the economy, an industry association yesterday said.

The petrochemical sector, which includes oil and gas extraction, production of refined oil products and manufacture of chemicals, posted a turnover of 498.4 billion yuan in March, which was, however, a decrease of 8.4 percent year-on-year.

The industry's total turnover was 1,263.8 billion yuan in the first quarter, down 14 percent year-on-year, the China Petroleum and Chemical Industry Association (CPCIA) said yesterday.

"The petrochemical industry is still facing great pressure due to the financial crisis. It may continue to see negative growth in the second quarter," the association said in a report.

There were some positive signs for the sector last month. For instance, production and demand for some chemicals grew, while some enterprises were on track towards better business performance, the CPCIA said.

China's five leading petrochemical companies also saw profits increase by 160 percent from a month earlier. Their combined profits were 28.3 billion yuan in the month, a growth of 13.2 percent year-on-year, according to the CPCIA.

The five companies are China National Petroleum Corp, China Petrochemical Corp, China National Offshore Oil Corp, Sinochem Corp, and Shaanxi Yanchang Petroleum (Group) Co.

Currently, their combined profits account for around 48 percent of the industry's total, the CPCIA said.

Analysts projected that China's petrochemical industry, which has been hit by the economic downturn, would see positive growth from the third quarter of this year.

The country's stimulus package for the petrochemical industry will further boost the industry, they said. "Although the details of the stimulus package have not been publicized yet, it has already impacted the industry by improving the investment environment," said Liu Gu, an analyst with Guotai Jun'an Securities in Shenzhen.

China will speed up construction of some large-scale oil refining and ethylene projects as part of the stimulus package.

The country will also close outdated manufacturing facilities in the sector and take measures to moderate development of the coal-to-chemical industry, by not granting approval for projects that only aim at production expansion.

(For more biz stories, please visit Industries)