China's petrochemical revenue to hit 14.5 trln yuan

The main business revenue of China's petrochemical industry will hit 14.5 trillion yuan (2.36 trillion U.S. dollars) in 2014, according to data released by the China Petroleum and Chemical Industry Federation (CPCIF) on Wednesday.

CPCIF head Li Yongwu said that business revenue in the January-September period this year hit 10 trillion yuan, up 7.7 percent year on year, accounting for 13.1 percent of all industrial revenue.

The industry's fixed asset investment rose 11.2 percent to 1.6 trillion yuan and exports climbed up 6.2 percent to 513.3 billion dollars in the first three quarters of 2014, Li said.

He attributed the slashing of Ammonia fertilizer and chlor-alkali inventories to the market pressure and policy pushes.

However, China's petrochemical industry still faces the problem of overcapacity and the added value of science and technology is relatively low, which results in weak profitability, Li added.