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China's petroleum and chemical industry reports rise in sales and profits

7:09 AM MDT | September 26, 2013 | Deepti Ramesh

The petroleum and chemical industry in China reported a 9.9% rise in revenue in the first seven months of 2013, compared with the year-ago period, to 6.6 trillion renminbi ($1.07 trillion), the Chinese government says. Net profits in China’s petroleum and chemical industry increased 43% in the seven-month period, to Rmb221 billion, mainly because of rising profits in the refining business, the government says. The output of ethylene in China increased 5.6% in the first eight months of 2013 compared with the year-ago period, to 10.53 million...

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