China's Petroleum & Chemical Industry Hits $47 Billion

Increasing by 32.3% from 2004, China's petroleum and chemical industry profits reached 370.79 billion RMB (US$ 46.59 billion) in 2005.

According the Research and Markets, a Dublin, Ireland-based company, the pesticide manufacturing industry profits were up 46.8% compared with to 2004.

China's chemical fertilizer manufacturing realized a total profit of RMB 17.7 billion (2.2 billion) in 2005, much higher than RMB 10.8 billion (1.36 billion) in 2004. While synthetic material manufacturing made a profit of RMB 17.8 billion (2.24 billion) it was lower than 2004's profit of RMB 20.2 billion (2.54 billion).

"In 2004 [the industry] seems to have reached the peak of the thriving period. As new equipment is gradually put into production and the output capacity of petrochemical products is massively released, the petrochemical industry will enter a steady development stage by 2007 and 2008", according to the China Petrochemical Market Report, 2006 report. And China's petrochemical industry should develop very nicely due to market demand for petrochemical products, the report added.

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