China’s oil, petrochemical sector to resume growth in 2010

China’s oil and petrochemical industry will start growing again this year, following a year of nearly flat growth in 2009, according to industry association statistics. The output value of the industry’s 34,600 mid- and large-sized firms was 6.63 trillion yuan (US$970.72 billion) in 2009, up 0.3% year-on-year, according to a China Oil and Chemical Industry Association (CPCIA) research report. The CPCIA said that the Chinese government’s 4 trillion yuan (US$585.65 billion) stimulus package, as well as electronics and automobile subsidies, helped push up demand for oil and petrochemicals over the past year. The association predicted that the industry’s output value will grow between 13% and 15% year-on-year in 2010, with the recovery in domestic economic growth. (January 29, 2010)