On the 2nd, a reporter learned from the Hubei Provincial Economic Commission that during the first 11 months of 2007, the petrochemical industry in Hubei experienced strong growth, with overall economic efficiency steadily improving. The oil refining sector turned around successfully, while the chemical industry saw significant economic growth. This marked a positive shift in the sector's performance.
According to provincial statistics, the oil processing industry generated 36.55 billion yuan in main business revenue, representing a 9% year-on-year increase. Profits reached 2 billion yuan, reversing a loss of 2.21 billion yuan in the same period the previous year. Since the third quarter, the industry has ensured a stable supply of refined oil products, with crude oil processing volumes gradually rising. As a result, the previously tight supply situation has eased.
Meanwhile, prices for major chemical products in the province rose slightly, and the fine chemical industry expanded rapidly, maintaining robust profit growth. The chemical industry achieved 60.22 billion yuan in main business revenue, up 33.4%, and profits reached 2.84 billion yuan, a 76.4% increase. This was 12.2 percentage points higher than the provincial average and 32 percentage points above the previous year’s level.
The 60 key enterprises monitored by the province reported a 26.3% increase in main business revenue, a 67.7% rise in profits, and a 32.4% increase in tax revenue. Notably, companies like Jingmen Petrochemical and Wuhan Petrochemical exceeded 10 billion yuan in main business income, while Yihua Group recorded a profit of 640 million yuan, up 38.7% year-on-year.
However, the provincial Economic Commission also highlighted challenges, particularly rising production costs. Fuel and power prices increased by 4.31% year-on-year, outpacing the 0.61% rise in ex-factory prices of industrial goods. International crude oil prices surged, hitting record highs, with average prices in September, October, and November reaching $10.3, $20.5, and $32.5 per barrel, respectively.
As a result, the profits of the crude oil processing industry declined from 9.8 billion yuan in May to 360 million yuan by August, and further dropped to 20 million yuan by November. Although the National Development and Reform Commission raised export prices on November 1st, international crude oil prices remained higher than local refined oil prices, leading to an inverted pricing structure that persisted.
In response, the provincial Economic Commission urged petrochemical companies to focus on economic efficiency, address factors affecting profit growth, maintain steady industrial development, explore new growth areas, and accelerate product structure adjustments to ensure the production of marketable products.
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