In 2023, China's petrochemical industry achieved a revenue of 15.95 trillion yuan

Beijing, February 1st (Li Qiaochu, Han Xin) The China Petroleum and Chemical Industry Federation released the economic performance of China's petroleum and chemical industry in 2023 on February 1st. Data shows that in 2023, China's petrochemical industry achieved a revenue of 15.95 trillion yuan, a year-on-year decrease of 1.1%, and a total profit of 873.36 billion yuan. The overall economic operation of the industry showed a trend of low recovery and steady progress, providing a solid guarantee for national energy security and economic and social development.

Production is steadily increasing. In 2023, the industrial added value of enterprises above designated size in the entire industry increased by 8.4% year-on-year, with a growth rate of 7.1 percentage points higher than in 2022 and 3.8 percentage points higher than the national industry during the same period.

From the perspective of key product production, oil and gas production has maintained stable growth. According to calculations, in 2023, the total domestic crude oil and natural gas production was 416 million tons (oil equivalent), a year-on-year increase of 3.9%. Among them, crude oil production increased for the fifth consecutive year, increasing by 2% again on the basis of 200 million tons in 2022, reaching 209 million tons; Natural gas production reached 229.71 billion cubic meters, a year-on-year increase of 5.8%, with an annual increase of over 10 billion cubic meters for seven consecutive years. The total production of major chemicals has increased from negative to positive. In 2023, the total production of major chemicals in China was about 720 million tons, a year-on-year increase of about 6%.

The benefits continue to rebound. In 2023, against the backdrop of a stable transition in the epidemic, macroeconomic recovery, and low base, downstream demand for petroleum and chemical industry in China has bottomed out. Throughout the year, the overall efficiency of the industry showed a trend of low in the front and high in the back, with increased revenue and profits in the second half of the year and a rebound in growth rate. In the first half of the year, the industry's operating revenue and total profit reached 7.6 trillion yuan and 431.09 billion yuan, respectively, a year-on-year decrease of 4.4% and 41.3%. In the second half of the year, the industry's operating revenue and total profit reached 8.3 trillion yuan and 442.28 billion yuan, respectively, a year-on-year increase of 2.1% and 20.5%.

Fu Xiangsheng, Vice President of the China Petroleum and Chemical Industry Federation, stated that from the perspective of economic trends, the industry's recovery momentum has significantly increased compared to the previous cycle in the eighth cycle starting from August 2023, indicating that the overall situation of the industry in the first half of 2024 will be relatively improved compared to the first half of 2022.

Source: People's Daily Online [Editor in charge: Ji Shuang]