A few days ago, China Federation of Petroleum and Chemical Industry Association hold a press conference on the economic operation report of China's petroleum and chemical industries in 2019 in Beijing. According to the report, the petrochemical industry, as a whole, achieved operating revenue of 12.3 trillion yuan in 2019, up 1.3% year-on-year, with the total profit of 668.37 billion yuan, down 14.9%.

Compared with previous years, there are many new changes in the development of petrochemical industry in 2019, with the overall characteristics of "a stabilisation, three increases, three decreases and four new phenomenons". According to the comprehensive analysis of macroeconomic operation trend, industrial production, price trend, structural adjustment and changes, as well as the novel coronavirus epidemic, the economic operation of the petroleum and chemical industry in 2020 will show a trend of "decrease firstly and increase later", then a stabilization and recovery. The report predicts that the total volume of imports and exports in the industry will grow by about 3% in 2020, with exports growing by about 5%. Apparent consumption of crude oil and natural gas will increase by 5.5% and 7%, respectively, and that of refined oil products by about 3%.

The vice chairman of the China Petroleum and Chemical Indusrty association, Fu Xiangsheng said the impact of the current outbreak on the petrochemical industry is momentary. In the future, the petrochemical industry will pursue high-quality development, and keep promoting structural optimization and adjustment.