Profits of China’s Petroleum and Chemical Firms Skyrocket
Click:2    DateTime:Mar.02,2022

Combined operating revenue of domestic petroleum and chemical enterprises above designated size grew 30% YoY to RMB14.45 trillion in 2021, and total profits surged 126.8% YoY to RMB1.16 trillion, with the profit margin rising 3.43 percentage points YoY to 8.04%, the highest since 2010, according to the China Petroleum and Chemical Industry Federation.

Output of main products grew stably. In detail, crude oil output was up 2.4% YoY to 199 million tons in 2021, and natural gas output up 8.2% YoY to 205.26 billion cubic meters. In addition, foreign trade maintained strong growth. Import and export volume of domestic petroleum and chemical industry hit a new record high of US$860.08 billion, up 38.7% YoY and accounting for 14.2% of the nation’s total. Foreign trade structure was improved continually, with imports of organic chemicals and synthetic materials falling but exports soaring.