The two oil refining giant lose 5.71 billion in half a year which is increased by 47.9 percent the same period of last year

China Petroleum and Chemical Industry Association announced yesterday that prices of refined oil also be half raised despite the country providing a large number of subsidies in the first half year, but the oil refining enterprises of the petroleum and petrochemical companies are still loss heavily of 5.71 billion Yuan, up by 47.9% the same period of last year

In response, Feng Shiliang, Deputy Secretary General of the Association explained that production of the petrochemical industry in China including oil refineries continue to maintain rapid growth due to high global oil prices in the first half year, but the economic growth significantly weakened, among which oil refining enterprises lose more heavily.

According to reports, the total output value of petrochemical industry is 3.07 trillion Yuan, an increase of 30.2 percent or nine percentage point’s rise than the same period of last year; but the total profit is 279 billion Yuan, an increase of 2.5 percent or 24.9 percentage point’s decline than the same period of last year. 

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