OREANDA-NEWS. July 12, 2011. China's investment in the oil-refining industry jumped 23.4% year on year to RMB 41.9 billion in the first five months of this year, according to the latest statistics released by the National Development and Reform Commission.

In May, the industry received RMB 13.3 billion of investment, 25% more than in the same month of 2010.

The country started the construction on 249 oil-refining projects in the first five months, 17.5% less than in the same period of 2010, and completed 137 projects during the period, up 12.3% year on year.

The oil refining sector processed 187 million metric tons of crude oil during the period from January to May, 8.7% more than in the corresponding period of last year.

The output of oil products climbed 9.1% year on year to 110.39 million metric tons during the period. The figure included 33.21 million metric tons of gasoline and 69.68 million metric tons of diesel, up 6.9% and 10.4% year on year, respectively. The country produced 7.49 million metric tons of kerosene in the first five months.

The country's apparent consumption of oil products climbed 8.3% year on year to 98.63 million metric tons, including 29.15 million metric tons of gasoline and 62.1 million metric tons of diesel, up 8.8% and 7.7% year on year, respectively.

The sector's output value increased 32% year on year or 5.2% month on month to RMB 271.5 billion in May.

In April, the industry's profit was RMB 1.4 billion, up RMB 800 million from April, due to a hike of oil product prices in Apr. 6.

In the first four months of this year, the oil-refining industry's profit plunged 40.1% from the corresponding period of last year, because of a fluctuated situation in international oil prices.