The domestic petroleum and chemical industry developed stably in the first two months of 2019. In detail, main business revenue was up 0.1% YoY to RMB1.79 trillion, while combined profits were down 37.3% YoY to RMB81.91 billion. By sectors classified by the China Petroleum and Chemical Industry Federation, the chemical sector achieved RMB1.02 trillion (up 0.2% YoY) in main business revenue. The petroleum and natural gas exploration and production sector posted main business revenue of RMB149.73 billion, up 4.1% YoY, but the revenue was down 1.5% YoY to RMB589.89 billion in the refining sector.

Among segments under the chemical sector, the chemical pesticide segment saw the highest revenue growth of 12.6% YoY, followed by the synthetic materials segment (4.5%), the chemical mining segment (3.6%), and the basic chemical raw materials manufacturing segment (0.2%). The revenue was down 2.8% YoY in both the specialty chemicals and rubber product segments. As for others, it was down 1.2% YoY in the coatings (pigment) segment, and down 3% YoY in the fertilizer segment.

Combined output of crude oil and natural gas reached 56.5 million tons in the first two months of 2019, up 4.3% YoY. In detail, crude oil output was up 0.5% YoY to 30.69 million tons, natural gas output was up 9.3% YoY to 28.68 billion cubic meters, and LNG output was up 35.2% YoY to 1.41 million tons. China processed 102 million tons (up 6.1% YoY) of crude oil in the same period, and produced 59.41 million tons of oil products (gasoline, kerosene and diesel), up 0.8% YoY. More specifically, gasoline output was up 5.3% YoY to 23.8 million tons, kerosene output was up 6.2% YoY to 7.96 million tons, while diesel output was down 4.2% YoY to 27.65 million tons.

Ethylene output was up 8.9% YoY to 3.31 million tons in the first two months of 2019, while output of pure benzene was down 6% YoY to 1.37 million tons, that of methanol was down 1% YoY to 7.62 million tons, and that of coatings was down 3.6% YoY to 2.07 million tons. Chemical reagent output was up 6.8% YoY to 2.46 million tons, sulfuric acid output was up 5% YoY to 13.81 million tons, caustic soda output was up 6.1% YoY to 6.12 million tons, and calcium carbide output was up 2% YoY to 4.42 million tons. Polycrystalline silicon output was down 1.4% YoY to 52 000 tons. Output of synthetic resin was up 5.4% YoY to 14.17 million tons, that of synthetic fiber monomer (polymer) was up 8.7% YoY to 11.28 million tons, while that of cover tyres was down 7.3% YoY to 111 million pcs.