Recently, the China Federation of Petroleum and Chemical Industries issued a report on the economic operation of the petroleum and chemical industries from January to February. From January to February, the economic operation of the petroleum and chemical industries was generally stable. The production of oil and gas and major chemicals in China has accelerated, the market has reached a bottom and stabilized, which is better than expected; foreign trade has maintained growth; investment has rebounded rapidly and consumption has increased rapidly. However, the downward pressure of the industry’s economic operation is still great; the market differentiation is obvious, and the momentum of recovery is insufficient; the cost is high, and the benefit is declining.
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Rapid growth of energy consumption
From January to February, the operating income of the petroleum and chemical industries was 1.79 trillion yuan, a slight increase of 0.1% over the previous year, accounting for 12.1% of the operating income of large-scale industries in China.
The data show that from January to February, the apparent consumption of crude oil and natural gas in China totaled 160 million tons (oil equivalent), an increase of 10.4% over the same period last year, an increase of 0.8 percentage points over the same period last year; the apparent consumption of major chemicals increased by 3.9%, an increase of 4.2 percentage points over the same period last year.
Crude oil consumption increased, while natural gas slowed down slightly. From January to February, the apparent consumption of crude oil in China was 113 million tons, an increase of 9.3% compared with the same period last year, an increase of 2.4 percentage points and an external dependence of 72.7%. The apparent consumption of natural gas was 52.35 billion cubic meters, an increase of 13.2%, a decrease of 3.6 percentage points, accounting for 29.5% of the total apparent consumption equivalent of crude oil and natural gas, and an external dependence of 45.2%. From January to February, the apparent consumption of domestic refined oil was 52.5 million tons, down 2.1% from the same period last year. Among them, the apparent consumption of diesel oil was 24.538 million tons, a decline of 7.9%; the apparent consumption of gasoline was 21.727 million tons, an increase of 4.6%; and the apparent consumption of kerosene was 6.235 million tons, an increase of 0.5%.
Import and export trade keeps growing momentum
In the first two months of this year, import and export trade in the petroleum and chemical industries maintained a momentum of growth. Customs data show that from January to February, the total import and export volume of the whole industry reached 113.19 billion US dollars, an increase of 4.1% over the same period of last year, accounting for 17.1% of the total import and export volume of the whole country. Among them, total exports amounted to 33.38 billion US dollars, an increase of 2.7%, accounting for 9.5% of the total national exports; total imports amounted to 79.8 billion US dollars, an increase of 4.7%, accounting for 25.8% of the total national imports. The trade deficit between January and February was 46.42 billion US dollars, an increase of 6.1% over the same period last year.
In February, the total import and export volume of the petroleum and chemical industries was 49.58 billion US dollars, an increase of 1.3%. Among them, exports dropped by 9.5% to $13.59 billion, while imports increased by 6.1% to $35.99 billion. The total export volume of refined oil (steam, coal and firewood) was 4.48 billion US dollars, with a growth rate of 23.5%, accounting for 13.4%; the export volume was 7.842 million tons, up 27.5%.
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From January to February, China imported 81.83 million tons of crude oil, an increase of 12.2% over the same period last year; the import amount was 35.91 billion US dollars, an increase of 3.9%, accounting for 45.0% of the total import trade of the whole industry. Imports of natural gas reached 24.150 billion cubic meters, an increase of 18.1%, and imports amounted to $8.46 billion, an increase of 46.6%.
Benefits of the petroleum and chemical industries have fallen sharply
Since this year, the benefits of the petroleum and chemical industries have declined substantially. From January to February, the total profits of the whole industry amounted to 81.91 billion yuan, down 37.3% from the previous year, accounting for 11.6% of the total profits of large-scale industries in the same period. The operating income cost per 100 yuan was 82.93 yuan, up 1.86 yuan from the same period last year; the loss area of the industry was 28.9% and increased by 6.1 percentage points from the same period last year; the total assets amounted to 12.5 trillion yuan, up by 5.7%, and the asset-liability ratio was 55.43%, down by 0.12 percentage points. From January to February, the profit margin of the whole industry’s operating income was 4.58%, down 2.74 points from the same period last year; the gross profit margin was 17.07%, down 1.86 points.
Among them, the benefits of oil and natural gas exploitation industry are basically stable, and the profits decrease slightly. From January to February, 293 enterprises in the oil and gas exploitation industry achieved total profits of 25.34 billion yuan, down 2.4% from the same period last year, accounting for 30.9% of the total profits of the petroleum and chemical industries. Among them, the total profit of oil exploitation was 18.78 billion yuan, down 6.1%, while that of natural gas exploitation was 6.75 billion yuan, down 4.8%.
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