CRI Home - Photo- Forums - Talk China - Surf China - About China -  
  Webcast | CRI Today | China | World | Biz | SciTech | Sports | Life | Showbiz | Easy FM | Learn Chinese / English | Weather | Events
Petroleum Mining Sector Profitable
2005-8-8 14:32:26      Xinhua
Due to the soaring international oil price, China's petroleum mining industry enjoyed huge profits whereas the processing sector suffered huge losses in the first half of this year, said sources with the National Bureau of Statistics (NBS) Friday.

Liu Fujiang, deputy director of the industrial transportation department of statistics of NBS, made remarks at the symposium on economic situation of China's petroleum and chemical industries of 2005.

From January to June, the total profits of China's petroleum industry reached 132.74 billion yuan (US$16.4 billion), a year-on-year increase of 73.7 percent, accounting for 21.2 percent of the total profit of the whole industry.

The newly increased profit is 56.32 billion yuan (US$6.95 billion), covering 56.1 percent of the new profits of the whole industry.

Stimulated by the huge profits, the petroleum mining industry had its heyday. In the first half of the year, the gross production of crude oil reached 89.797 million tons, growing by 4.8 percent year on year.

However, the petroleum processing sector suffered a lot because of the hiking oil price.

Compared with a profit of 16.38 billion yuan (US$2 billion) a year ago, the processing sector saw a net loss of 4.19 billion yuan (US$517 million) in the first half year.

The total loss of losing companies reached 15.88 billion yuan (US$1.96 billion), rising by 20 times more than the same period of 2004.

The sharp falling profit leads to the slow growth of China's petroleum processing industry. The amount of processed crude oil reached 144.992 million ton, growing by 7.9 percent year on year, decelerating by 10 percent from a year earlier.

Zhu Hongren, director of the economic circulation bureau of the National Development and Reform Commission, said the continuous rocketing oil price in the international market, and the growing gap between the high international crude oil price and the low domestic oil product price were the key factors influencing the current development of the petroleum and chemical industry.

        Talk China        Print        Email        Recommend
Related Stories:

  Copyright of All rights reserved.

Reproduction of text for non-commercial purposes is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.

postalChina Post is progressing with its scheme to merge its two sub-businesses.
textilePeter Mandelson said he would hold talks with Bo Xilai this week.
YahooChinese e-commerce operator is in the late stages of talks to sell a 35 percent stake to Yahoo Inc.
BOC IPO Could Take Place in 2005
China, Hong Kong, Japan, and Aussie Market Roundup 
CNOOC's Market Value Up By $7b
Producer Price Index Rises
Lenovo Profit Up 6% After IBM PC Buy
Power Supply Sees Robust Growth
HK Urges Manufacturers to Go "Green"
Major HK Banks's Interest Rate Hike
China Mobile First-Half Profit Rises