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China's petrochemical sector set to boost output by 31% in 2011: report

Friday, 13 January 2012 | 00:00
China's petrochemical sector is expected to post a 31% year-on-year rise in the value of its output to Yuan 11.2 trillion ($1.7 trillion) in 2011 when figures for the year are collated, the China Petroleum and Chemical Industry Federation said, according to a report from state news agency Xinhua.
Over the first 11 months of last year, the output of large petrochemical enterprises increased 32.6% from 2010 to Yuan 10.24 trillion due to industrial upgrading, according to the CPCIF.
Analysts attributed the sound performance to increasing domestic demand, accelerations in upgrades, improved energy efficiency and the rapid growth of non state-owned enterprises, according to Xinhua.
Over the January-November period, the output of non state-owned enterprises surged 35.8% year on year to Yuan 5.12 trillion, CPCIF official Zhu Fang told Xinhua. Zhu added that non state-owned enterprises would account for more than half of the industry's full-year output for the first time in 2011.
The CPCIF estimated that the output of China's petrochemical industry would rise more than 20% to over Yuan 13 trillion in 2012, with profits expected to climb 15% to around Yuan 950 billion.
Source: Platts
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