2018 petroleum & chemical industry development report

Abstract

Abstract In 2018, the petroleum and chemical industries of China achieved steady economic growth. The main business income of the entire industry was 12.4 trillion CNY, an increase of 13.6% over the previous year. The total profit was 83.93 billion CNY, an increase of 32.1% over the previous year. The total national oil and gas production reached 334 million tons of oil equivalent, increasing by 2.4% year-on-year. Among the total production, crude oil production was 189 million tons, decreased 1.2%, and natural gas production was 161.02 billion cubic meters, increased 7.5% year on year. Imported crude oil production was 462 million tons, an increase of 10.1% over the last year. Imported gas production was 125.72 billion cubic meters, increased 31.9%. The annual processing capacity of crude oil was 604 million tons, up by 6.8%. The refined oil production was 360 million tons, up by 3.6%. The industry structure was optimized for production growth in 2018, the transformation and upgrading of enterprises and products structure adjustment were sped up, energy efficiency was improved, and overall industrial benefit was rebounded. At present, the economic operation of the industry is still not very stable, and downward pressure is still great, mainly being reflected in the overcapacity of some industries, high cost operation of enterprises, increased tax burden, and weak investment. With the slow recovery of the global economy and the key support of high-quality development through technological innovation, it is expected that the petroleum and chemical industry of China will achieve the general objective of steady growth in 2019.