By China Petroleum and Chemical Industry Federation

The domestic petroleum and chemical industry posted main business revenue of RMB12.4 trillion in 2018, up 13.6% YoY, and combined profits were up 32.1% YoY to RMB839.38 billion, according to data from the National Bureau of Statistics. 

By sectors classified by the China Petroleum and Chemical Industry Federation, the petroleum and natural gas exploration and production sector achieved RMB1.01 trillion in annual main business revenue, up 21.3% YoY, and RMB159.8 billion in total profits, up 587.2% YoY. Main business revenue in the processing sector was up 22.5% YoY to RMB3.88 trillion, while total profits were down 3.4% YoY to RMB169.74 billion. In the chemical sector, main business revenue was up 8.6% YoY to RMB7.27 trillion, and total profits reached RMB500.65 billion, up 16.3% YoY.

Combined output of crude oil and natural gas reached 334 million tons in 2018, up 2.4% YoY. In detail, crude oil output was down 1.2% YoY to 189 million tons, natural gas output was up 7.5% YoY to 161.02 billion cubic meters, and LNG output was down 0.9% YoY to 9 million tons. Further, China imported 462 million tons (up 10.1% YoY) of crude oil, and 125.72 billion cubic meters of natural gas, up 31.9% YoY.

China processed 604 million tons (up 6.8% YoY) of crude oil in 2018, and produced 360 million tons of oil products (gasoline, kerosene and diesel), up 3.6% YoY. More specifically, gasoline output was up 8.1% YoY to 139 million tons, kerosene output was up 12.7% YoY to 47.7 million tons, while diesel output was down 1.9% YoY to 174 million tons.

Combined output of major chemicals was up around 2.3% YoY in 2018. Fertilizer output was down 5.2% YoY to 54.6 million tons, while sulfuric acid output was up 1.8% YoY to 86.36 million tons. Output of caustic soda was up 0.9% YoY to 34.2 million tons, that of polycrystalline silicon was up 2.5% YoY to 325 000 tons, and that of ethylene was up 1% YoY to 18.41 million tons. As for others, pure benzene output was up 4.7% YoY to 8.28 million tons, and methanol output was up 2.9% YoY to 4.76 million tons. Output of synthetic materials was up 7.5% YoY to 158 million tons, and that of tyres was up 1% YoY to 816 million pcs.