According to a report from the Information Department of the China Petroleum and Chemical Industry Association, the country's oil and chemical industry achieved significant progress in 2007. The overall economic performance showed steady growth, with improved quality, accelerated structural adjustments, and notable breakthroughs in independent innovation. Several key trends emerged during the year, reflecting both growth and transformation within the sector.
First, industrial output maintained strong growth. In 2007, the total value of industrial output reached 5.2 trillion yuan, up 22.5% from the previous year. Crude oil production hit 187 million tons, an increase of 1.6%, while natural gas output rose to 69.31 billion cubic meters, a 23.1% jump. Refinery throughput reached 327 million tons, up 6.4%, and ethylene production grew by 12.6% to 104.77 million tons. Other key products also saw strong gains, including synthetic resins (up 18.5%), fertilizers (10.2%), caustic soda (17%), and soda ash (13.1%). Tire production reached 556 million units, a 22.6% increase.
Second, the quality of economic growth improved significantly. The output of new products across the industry totaled 280.98 billion yuan, a 48.1% rise compared to the previous year. This contributed 5.28% to overall growth. Notably, organic chemical raw materials surged by 158.7%, synthetic rubber by 111.4%, information chemicals by 61.1%, and organic fertilizers by 176.7%.
Third, energy efficiency and environmental protection became central priorities. Energy consumption and pollutant emissions declined across the sector. For example, crude oil processing units reduced energy use by 1.9%, caustic soda units by 3.6%, and ethylene units by 2.9%. Sulfur dioxide emissions nationwide fell for the first time in years, decreasing by 1.81%, while chemical oxygen demand dropped by 0.28%. The petroleum and chemical industry played a major role in these reductions.
Fourth, product structure was actively adjusted to meet market demands. Major companies like PetroChina and Sinopec increased domestic diesel production and reduced exports. Agricultural fertilizer output was also boosted, with higher proportions of urea and high-grade phosphate fertilizers. At the same time, the production of highly toxic pesticides was phased out, leading to a decline in pesticide use and a rise in herbicide usage.
Fifth, technological innovation became a driving force for development. Key technologies were developed, such as self-sufficient MDI manufacturing and coal-water slurry gasification technology. These advancements enhanced the industry’s competitiveness and modernized its equipment. Additionally, multinational corporations continued to invest heavily in China, with over 2,055 foreign-invested petrochemical companies operating in the country. Major players like ExxonMobil, Shell, and BASF established significant operations, focusing on refining, petrochemicals, and high-value end products. Their long-term strategies underscored the growing importance of the Chinese market in the global industry landscape.
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