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China oil refiners post US$3.7b loss in 05
www.chinanews.cn 2006-02-14 14:00:48
Chinanews, Feb. 14 - As a result of the low price level of oil products,
China's oil refining industry suffered a loss of 30 billion RMB (US$3.7
billion) in 2005 after making a 20.8 billion RMB profit in 2004, says a
report on the development of China's oil refining industry in 2005
released by the Department of Industry of the National Development and
Reform Commission (NDRC) on Feb. 12th.
China produced 174.56 million tons of oil products last year, an increase
of 6.2% year on year and basically guaranteed 100% of self-sufficiency of
gas, coal oil, diesel oil. Sinopec and PetroChina's monthly oil refining
working loads neared 100%.
According to the report, China's oil trade deficit broke the US$50
billion mark for the first time in 2005. Its crude oil price geared to
the international level, increasing approximately 900 RMB per ton year on
year, while its oil product price level was much lower than that in the
global market, which leads to the heavy loss in the oil refining
industry. Last year, the industry's revenue grew 35% to reach 1 trillion
RMB, while their profit and tax fell 75% to 15.5 billion RMB and their
loss added up to nearly 30 billion RMB.
��China should refine 30 megatons of oil in 2006
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��Domestic oil, gas supplies grow steadily
��
China starts to establish oil reserve center
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