China hits rapid profit growth in oil, petrochemical industry

China's oil and petrochemical industry recorded a profit growth of 32.1 percent in 2018, hitting the 10.3-percent average growth for the country's major industrial enterprises.

China’s oil and petrochemical industry recorded a profit growth of 32.1 percent in 2018, hitting the 10.3-percent average growth for the country’s major industrial enterprises.

The industry’s output constantly expanded in last year and exhibited fairly good achievement in sound economic performance as a result of continuously falling costs and a stable market demand, stated in a report from the Ministry of Industry and Information Technology.

The aggregate profit of the industry touched 839.38 billion yuan (about 125 billion U.S. dollars), accounting for 12.7 percent of the total generated by the country’s vital industrial enterprises.

The industry’s total export calculated 701.87 billion yuan, up 22 percent. The export of specialty chemicals, synthetic materials and organic chemical materials expanded by 19.7 percent, 17.2 percent and 21.6 percent, respectively.

The industry’s investment increased by 6 percent in 2018, reversing a decline for two consecutive years.