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Profit of China’s petroleum, chemical industry up 45.2% in first 3 quarters

Updated: Nov 18,2018 7:24 PM     Xinhua

BEIJING — China’s petroleum and chemical industry posted rapid growth in the first nine months of 2018, official data showed.

The sector’s profit amounted to 712.1 billion yuan (about $102 billion) in January-September, with an increase of 45.2 percent year-on-year, according to the Ministry of Industry and Information Technology (MIIT).

Revenue of core businesses in the industry expanded 14.8 percent during the same period, reaching 9.59 trillion yuan.

Prices of petroleum and chemicals continued to grow in the first nine months. Prices of oil and natural gas extraction climbed 24.6 percent, while those of chemical raw materials and chemical product manufacturing rose 7.2 percent.

Investment in the chemical industry is showing signs of rebound, the MIIT said.