According to the latest analysis report released by the China Petroleum and Chemical Industry Association, the overall economic operation of the oil and chemical industry maintained a steady development momentum in the first half of the year, achieving a total profit of 279 billion yuan, a year-on-year increase of 2.5%, and an increase of 24.9 percentage points year-on-year. However, at the same time, high oil prices have driven up costs, the industry-wide benefits under the entire industry chain have declined, and profitability has weakened.
The five major characteristics of the operation are: First, production continues to maintain rapid growth, but economic growth has significantly weakened. In the first half of the year, the petrochemical industry’s total output value (current price) was 3.07 trillion yuan, an increase of 30.2% year-on-year, an increase of 9 percentage points year-on-year; the sales value (current price) was 3.02 trillion yuan, an increase of 30.6% year-on-year; the product sales rate was 98.4%, an increase from the same period last year. 0.26 percentage points; main business income was 3.1 trillion yuan, an increase of 30% year-on-year, an increase of 8.5 percentage points over the same period of last year. The output of main products increased steadily. Ethylene output was 5.359 million tons, an increase of 2.1% year-on-year; methanol was 5.411 million tons, an increase of 21.1% year-on-year; synthetic resin was 16.137 million tons, a year-on-year increase of 7.0%; chemical fertilizers were 300.15 million tons, an increase of 5.9%; pesticides 101.1 10,000 tons, an increase of 20.8%; caustic soda 9.889 million tons, an increase of 12.8%; Sodium carbonate 9.674 million tons, an increase of 15.0%; tires 280 million, an increase of 12.8%.
Second, the increase in import and export trade was relatively large, but the deficit continued to expand. In the first five months, the trade volume of the entire industry reached 173.73 billion U.S. dollars, an increase of 44.4% year-on-year, an increase of 23.3 percentage points from the same period of last year. Among them, the import of 122.02 billion US dollars, an increase of 47.8%; exports 51.72 billion US dollars, an increase of 36.8%. The increase in imports was 11 percentage points higher than that of exports. The deficit in import and export trade expanded 57.1% year-on-year to reach US$70.3 billion.
Third, rapid growth in investment in fixed assets, but the increase has slowed. In the first five months, China's oil and chemical industry completed an investment of 252.896 billion yuan, a year-on-year increase of 34.87%, an increase of 9.5 percentage points from the same period of last year, but a decrease of 3.7 percentage points from the previous four months; and 5766 construction projects of the entire industry. An increase of 8.26%; 2,527 new projects started, a year-on-year decrease of 4.53%. Among various sub-sectors, the largest increase in investment in the oil refining industry reached 75.46%; in the chemical industry, investment in basic chemical raw materials, paints, dyes, and specialty chemicals increased rapidly.
Fourth, the market price of products showed upward trend. This year, although international oil prices have reached new highs, due to the strong demand in the petroleum and chemical markets, there is room for downward price transmission. Most products can be sold at a reasonable price. According to statistics on 1148 kinds of petroleum and chemical products, in the first 5 months, 837 kinds of prices rose, accounting for 73%; 121 prices, which accounted for 11%, and prices dropped 190 kinds, accounting for 17%. Compared with the same period of last year, the overall price of petroleum and chemical products increased by 15.74%. Among them, crude oil rose 34.07%, petroleum processing rose 13.69%, methanol rose 40.5%, sulfur rose 157.2%, sulfuric acid rose 37.0%, potassium sulfate rose 37.8%, chemical fertilizers rose 23.14%, pesticides rose 4.88%, synthetic materials rose 5.34%, Rubber products rose by 3.26%. In June, the prices of 163 types of petroleum and chemical products tracked by the petrochemical association rose 131 times year-on-year, accounting for 80.3%; there were 28 declines, accounting for 17.2%; and 4 prices, which accounted for 2.5%.
Fifth, the energy consumption of key high-energy-consuming products continues to decline, but the overall energy-saving and emission-reduction pressure is very high. In the first quarter of this year, the overall energy consumption of the six key energy-consuming product units fell by an average of 3.68%, which represents an annual reduction of 1.2 percentage points from the average annual decline in 2007, of which the unit energy consumption of soda ash dropped by 6.35%. However, due to the high energy-consuming industries of petrochemical products, especially calcium carbide, yellow phosphorus, caustic soda, and soda ash, the production of these high-energy-consuming products has increased by more than 10% since the beginning of this year. Therefore, the pressure on energy-saving and emission reduction in the industry remains. Great.
High oil prices lead to reduced efficiency Currently, the oil and chemical industry faces two major difficulties. First, high oil prices will drive up costs and the industry's benefits will decline. In the first half of the year, the total industry cost of sales increased by 35% over the same period of last year. Among them, the oil refining industry increased by 44%, the fertilizer industry increased by 36.7%, the pesticide industry increased by 43%, the caustic soda and soda ash industries increased by 33%, and the inorganic acid manufacturing industry increased by 59%. The two major companies, PetroChina and Sinopec, suffered a loss of RMB 5.71 billion, which represented a 47.9% year-on-year increase in losses. The loss of chemical fertilizer-losing companies increased 43.3% year-on-year. The loss of synthetic material-loss companies increased by 163.5% year-on-year. The oil and chemical industry continued to maintain double-digit growth for the fifth consecutive year and turned into a near-to-fall situation. The profits of the entire industry fell by 0.04% in the first five months.
Second, the industry's profitability has weakened. According to statistics, in the first half of the year, the industry-wide cost-cost margin was 9.97%, down 3.4 percentage points year-on-year; sales margin was 8.94%, down 2.72% year-on-year; and asset yield was 5.18%, down 1.15 percentage points year-on-year. Among them, the asset-return rate of the oil refining industry was -7.85%, and synthetic fiber monomers and polymers were -0.45%.
The high-cost situation is hard to change. The pattern of rising international oil prices in the second half of the year is not expected to change significantly. The international oil price (futures) will operate at 140-150 dollars per barrel. High oil prices will boost the cost of downstream industries, reduce profit margins, and some industries will face losses. Due to the lack of transmission of oil and chemical product prices to the downstream industrial chain, prices of some products will tend to be stable or decrease. In the second half of the year, crude oil and refined oil prices will continue to rise and operate at high levels. Fertilizer prices will tend to stabilize, prices of synthetic resins will steadily decline, prices of rubber products will remain stable, and prices of soda ash and caustic soda will steadily decline.
It is expected that the sales revenue of the oil and chemical industry in 2008 will increase by about 25%, and the profit will increase by 2% to 5%, which is a larger increase than the previous year; the import and export trade will continue to grow, with an increase of about 35%; Asset investment will continue to grow at an increase of around 30%; the output of major products will increase by 5% to 20% in addition to crude oil.
The five major characteristics of the operation are: First, production continues to maintain rapid growth, but economic growth has significantly weakened. In the first half of the year, the petrochemical industry’s total output value (current price) was 3.07 trillion yuan, an increase of 30.2% year-on-year, an increase of 9 percentage points year-on-year; the sales value (current price) was 3.02 trillion yuan, an increase of 30.6% year-on-year; the product sales rate was 98.4%, an increase from the same period last year. 0.26 percentage points; main business income was 3.1 trillion yuan, an increase of 30% year-on-year, an increase of 8.5 percentage points over the same period of last year. The output of main products increased steadily. Ethylene output was 5.359 million tons, an increase of 2.1% year-on-year; methanol was 5.411 million tons, an increase of 21.1% year-on-year; synthetic resin was 16.137 million tons, a year-on-year increase of 7.0%; chemical fertilizers were 300.15 million tons, an increase of 5.9%; pesticides 101.1 10,000 tons, an increase of 20.8%; caustic soda 9.889 million tons, an increase of 12.8%; Sodium carbonate 9.674 million tons, an increase of 15.0%; tires 280 million, an increase of 12.8%.
Second, the increase in import and export trade was relatively large, but the deficit continued to expand. In the first five months, the trade volume of the entire industry reached 173.73 billion U.S. dollars, an increase of 44.4% year-on-year, an increase of 23.3 percentage points from the same period of last year. Among them, the import of 122.02 billion US dollars, an increase of 47.8%; exports 51.72 billion US dollars, an increase of 36.8%. The increase in imports was 11 percentage points higher than that of exports. The deficit in import and export trade expanded 57.1% year-on-year to reach US$70.3 billion.
Third, rapid growth in investment in fixed assets, but the increase has slowed. In the first five months, China's oil and chemical industry completed an investment of 252.896 billion yuan, a year-on-year increase of 34.87%, an increase of 9.5 percentage points from the same period of last year, but a decrease of 3.7 percentage points from the previous four months; and 5766 construction projects of the entire industry. An increase of 8.26%; 2,527 new projects started, a year-on-year decrease of 4.53%. Among various sub-sectors, the largest increase in investment in the oil refining industry reached 75.46%; in the chemical industry, investment in basic chemical raw materials, paints, dyes, and specialty chemicals increased rapidly.
Fourth, the market price of products showed upward trend. This year, although international oil prices have reached new highs, due to the strong demand in the petroleum and chemical markets, there is room for downward price transmission. Most products can be sold at a reasonable price. According to statistics on 1148 kinds of petroleum and chemical products, in the first 5 months, 837 kinds of prices rose, accounting for 73%; 121 prices, which accounted for 11%, and prices dropped 190 kinds, accounting for 17%. Compared with the same period of last year, the overall price of petroleum and chemical products increased by 15.74%. Among them, crude oil rose 34.07%, petroleum processing rose 13.69%, methanol rose 40.5%, sulfur rose 157.2%, sulfuric acid rose 37.0%, potassium sulfate rose 37.8%, chemical fertilizers rose 23.14%, pesticides rose 4.88%, synthetic materials rose 5.34%, Rubber products rose by 3.26%. In June, the prices of 163 types of petroleum and chemical products tracked by the petrochemical association rose 131 times year-on-year, accounting for 80.3%; there were 28 declines, accounting for 17.2%; and 4 prices, which accounted for 2.5%.
Fifth, the energy consumption of key high-energy-consuming products continues to decline, but the overall energy-saving and emission-reduction pressure is very high. In the first quarter of this year, the overall energy consumption of the six key energy-consuming product units fell by an average of 3.68%, which represents an annual reduction of 1.2 percentage points from the average annual decline in 2007, of which the unit energy consumption of soda ash dropped by 6.35%. However, due to the high energy-consuming industries of petrochemical products, especially calcium carbide, yellow phosphorus, caustic soda, and soda ash, the production of these high-energy-consuming products has increased by more than 10% since the beginning of this year. Therefore, the pressure on energy-saving and emission reduction in the industry remains. Great.
High oil prices lead to reduced efficiency Currently, the oil and chemical industry faces two major difficulties. First, high oil prices will drive up costs and the industry's benefits will decline. In the first half of the year, the total industry cost of sales increased by 35% over the same period of last year. Among them, the oil refining industry increased by 44%, the fertilizer industry increased by 36.7%, the pesticide industry increased by 43%, the caustic soda and soda ash industries increased by 33%, and the inorganic acid manufacturing industry increased by 59%. The two major companies, PetroChina and Sinopec, suffered a loss of RMB 5.71 billion, which represented a 47.9% year-on-year increase in losses. The loss of chemical fertilizer-losing companies increased 43.3% year-on-year. The loss of synthetic material-loss companies increased by 163.5% year-on-year. The oil and chemical industry continued to maintain double-digit growth for the fifth consecutive year and turned into a near-to-fall situation. The profits of the entire industry fell by 0.04% in the first five months.
Second, the industry's profitability has weakened. According to statistics, in the first half of the year, the industry-wide cost-cost margin was 9.97%, down 3.4 percentage points year-on-year; sales margin was 8.94%, down 2.72% year-on-year; and asset yield was 5.18%, down 1.15 percentage points year-on-year. Among them, the asset-return rate of the oil refining industry was -7.85%, and synthetic fiber monomers and polymers were -0.45%.
The high-cost situation is hard to change. The pattern of rising international oil prices in the second half of the year is not expected to change significantly. The international oil price (futures) will operate at 140-150 dollars per barrel. High oil prices will boost the cost of downstream industries, reduce profit margins, and some industries will face losses. Due to the lack of transmission of oil and chemical product prices to the downstream industrial chain, prices of some products will tend to be stable or decrease. In the second half of the year, crude oil and refined oil prices will continue to rise and operate at high levels. Fertilizer prices will tend to stabilize, prices of synthetic resins will steadily decline, prices of rubber products will remain stable, and prices of soda ash and caustic soda will steadily decline.
It is expected that the sales revenue of the oil and chemical industry in 2008 will increase by about 25%, and the profit will increase by 2% to 5%, which is a larger increase than the previous year; the import and export trade will continue to grow, with an increase of about 35%; Asset investment will continue to grow at an increase of around 30%; the output of major products will increase by 5% to 20% in addition to crude oil.
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