China’s Oil and Petrochemical industry posts 32.1 percent profit growth in 2018

China’s oil and petrochemical industry posted a 32.1 percent growth in profits in 2018, recording 839.38 billion yuan (around US $ 125 billion), accounting for 12.7 percent of the country’s total industrial enterprises.

The output of the oil and petrochemical industry increased steadily in 2018 and showed relatively good momentum in achieving sound economic performance as a result of constantly lower costs and stable demand in the market, according to a report released by the Ministry of Industry and Information.

Total industrial exports reached 701.87 billion yuan (US $ 104.6 billion), up 22 percent, while industry investment rose 6 percent in 2018, reversing the decline of two years earlier, the report said.