February 28 2023

China’s petrochemical industry sees increased revenue in 2022

China's petrochemical industry saw an increase in revenues and a decline in profits in 2022, according to the China Petroleum and Chemical Industry Federation (CPCIF).

The country's petrochemical industry registered a total revenue of 16.56 trillion yuan (about 2.41 trillion U.S. dollars) in 2022, climbing 14.4 percent year on year, while its total profit eased 2.8 percent to 1.13 trillion yuan.

In 2022, the import and export volume of petrochemical products rose 21.7 percent year on year to 1.05 trillion dollars.

According to the CPCIF, China's crude oil output stood at 205 million tonnes in 2022, a year-on-year increase of 2.9 percent, in a fourth consecutive year of growth.

In the period, the country's natural gas output was 217.79 billion cubic meters, a year-on-year increase of 6.4 percent.