OREANDA-NEWS. October 12, 2012. The petrochemical industry in China saw its total output value grow 11.1% YoY to RMB 6.96 trillion in the first eight months of this year, according to figures released by the National Development and Reform Commission.

The industry saw its value-added output grew about 9.4% YoY in the eight-month period. The value-added output of oil refining sector rose 7.5% YoY, and that of the chemical sector increased 12.5%.

The country processed 304.3 million metric tons of crude oil in the first eight months, 1.6% more than in the same period of last year. The output of oil products rose 3.9% YoY to 183.78 million metric tons, and that of chemical fertilizer grew 13.8% to 50.65 million metric tons.

The country's investment in the petrochemical industry surged 32.8% YoY to RMB 924 billion in the eight months period, including RMB 108 billion in the oil refining sector and RMB 768 billion in the chemical sector, up 26.3% and 32.5% YoY, respectively.

In the first seven months of this year, China's petrochemical industrial realized RMB 153.8 billion in profit, down 32.6% from a year earlier, of which, oil refining sector suffered a loss of RMB 33.6 billion, compared with a profit of RMB 500 million it realized a year earlier, and the chemical sector realized RMB 179.1 billion in profit during the period, down 19% YoY.