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In the first quarter, economic growth at home and abroad slowed, demand fell, the continued depreciation of the US dollar, the impact of the US subprime mortgage crisis deepened, and the effects of international oil and basic raw material prices soared. The economic efficiency of China's petroleum and chemical industries showed a large margin. The decline, especially in the refining industry, has increased.
From the perspective of the three sub-sectors, the profits of the oil and gas exploration industry increased by 61.23%; the profits of the chemical industry increased by 17.1%, a substantial drop of 68.6 percentage points from the same period of last year; due to the continuous increase in international oil prices, the oil price in the domestic market was seriously inverted, and the refining industry The profit dropped drastically, totaling a deficit of 23.924 billion yuan, which was the first time in history.
If we do not consider the profit growth caused by policy reasons in the oil refining industry, profits in the petrochemical and chemical industries will also begin to decline, with the most obvious decline in organic chemical raw materials and synthetic resin industries. At present, the cost of chemical products has risen sharply, and the ability to transfer costs downstream has been weakening. The profit margin has gradually narrowed, and market competition has been unprecedentedly intensified. Some industries in the chemical industry in the future will face a reshuffle.
Petrochemical industry's first quarter profit decline
The analysis report of the China Petroleum and Chemical Industry Association shows that in the first quarter, China’s oil and chemical economy operations were mixed. Under the influence of the national macro-control policies, the momentum of excessive growth in chemical industry production was initially contained; in the first two months of this year, petroleum and chemical industry The industry profit decreased by 6.12% year-on-year, and the profit of the whole industry fell or reached a foregone conclusion in the first quarter. This is rare in the history of the petrochemical industry.