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Apart from the fact that the oil and chemical industry in China will achieve a profit of 530 billion yuan in 2007, other figures disclosed in the report are also surprising: In the past five years, the growth rate of the industry's total industrial output value has exceeded 20%. The annual growth rate greatly exceeds the GDP growth rate of the year. According to the forecast of the report, the growth of total industry profits in 2007 will be around 100 billion yuan. In 2008, the major economic indicators of China's oil and chemical industry will continue to maintain double-digit growth.
The report analyzes that the main force driving the rapid development of China's petroleum and chemical industries is the demand for oil and chemical products in China's urban and rural areas. This high growth has driven a huge investment in the industry. In the past two years in particular, coal chemical industry, methanol, ethanol, and dimethyl ether have become new rounds of investment hot spots. Companies in other industries have also invested in the petroleum and chemical industries, and have continuously increased investment in this area, such as Shenhua. Group, Datang Group and other energy companies. In addition, many private companies are also investing more.
The report also pointed out that the rapid growth in fixed asset investment will be the biggest hidden danger in the oil and chemical industry. From the point of view of asset investment structure, the investment in oil refining and basic chemical raw materials industries grew too fast; from the analysis of industry structure, investment projects mainly concentrated on four major categories of resource products, traditional industrial technological transformation products, organic chemical raw materials and new material projects. These investment projects will form a production capacity in the next year or two, and will start production in succession. The structural contradictions in the industry will gradually emerge.
The report predicts that there will be no major changes in total supply and total demand for petroleum and chemicals next year. The domestic production of crude oil, organic chemicals, and the three major synthetic materials cannot meet the market demand, and they still have to rely on imports. It is expected that the import dependence in 2008 will be 47%, 20%, and 30%, respectively. Inorganic salt, chemical fertilizers, pesticides, caustic soda, soda ash, paints, fuels, rubber products, etc. The supply and demand balance or supply exceeds demand. It is necessary to vigorously explore the international market and ease production pressure.
Industry-wide growth rate of over 20% for 5 consecutive years
According to statistics released by the China Petroleum and Chemical Industry Association's "Report on China's Petroleum and Chemical Economic Operation" published on December 20, China's petroleum and chemical industries have achieved rapid growth in the past five years while international crude oil prices have soared. The growth rate of the whole industry is maintained at more than 20% every year.