Asia Viewpoint: by Ma Dongwei

The China Petroleum and Chemical Industry Federation (CPCIF) announced recently that revenues in 2020 of the oil and chemical industry in the country were at Yuan 11.08 trillion and profits reached Yuan 515.55 bil. Of this, the chemical industry posted profits of Yuan 427.92 bil, up 25.4% from last year.

A source at CPCIF mentioned that overall, the situation showed ups and downs. Sales revenues fell 8.7% on year but production of main products increased. Crude production in 2020 amounted to 195 mil mt, up 1.6% from the previous year. Production of chemical products also increased 3.6% on year. At the same time, consumption of major products was on an uptrend. Demand for main petrochemical productions has been gradually recovering since the second quarter of last year.