China's output from the petroleum and petrochemical sector achieved sales of 538.34 billion Yuan in May, down 7.2 percent year-on-year, but the drop further narrowed from April, in realizing a 7 percent rise from the previous month.
The petrochemical industry was particularly prominent and its gross output value was ahead of petroleum and oil refining industry, as it has shown a positive m-o-m growth, since the last four months and a 4.5 percent rise in May year-on-year.
At the same time, with the initial signs of recovery in the economy, growth of finished oil production accelerated significantly to 19.33 million tons in May, an increase of 16.7 percent year-on-year, and 10 percent from the previous month.
From January-May, national output of oil products grew 4 percent. At the same time, May sales of national refined crude oil continued to rise, showing a slight decline of 0.2 percent year-on-year, but an increase of 2.3 percent from the previous month.
Fibre2fashion News Desk - China
marketing@alchempro.com
