Experts say oil refinery profits are not recognised last year

Fong Shiliang, Deputy secretary General of China Petroleum and Chemical Industry Association. Data picture/Oriental IC last year the petrochemical industry achieved a total output value of 6.63 trillion yuan. Source: China Petroleum and Chemical Industry Association today, China Petroleum and Chemical Industry Association held "2009 Oil and Chemical economic Operation Conference" in Beijing, released the 2009 petrochemical industry economic performance data.　　Fong Shiliang, Deputy secretary general of the Association after the meeting with reporters said not recognized "oil refining windfall" said: Although the oil refining enterprises began to profit after the new product pricing mechanism was introduced last year, the overall profit margin of refinery industry was only 4.6%, which was not only 7.2% lower than that of the whole petrochemical industry. Last year, China introduced a new pricing mechanism for refined oil, oil refining industry has taken a key step in the market, the country has 8 times to adjust domestic oil prices, refining industry profit, January-November to achieve profits of 72.9 billion yuan.　　But domestic petrol retail prices were once higher than in the United States, many people questioned the oil refinery industry profiteering. In this respect, Fong Shiliang said he carefully accounted for last year, the refinery industry sales margin of only 4.6%, still relatively low. Last year, the entire petrochemical industry sales profit margin of 7.2%, refining industry is not enough of the petrochemical industry's overall level of 65%. Textile industry said last year companies in the margin of loss, sales profit margin of about 4%, refining industry is similar. Even the sales profit margin of selling vegetables is 20%-30%, so the refining industry is not as good as selling vegetables, there is no windfall.　　In addition, even in the petrochemical industry, the best profit in the oil and gas industry, not as good as five-star hotels, five-star hotel general sales margin of about 50%.　　Fong Shiliang stressed that last year, the international financial crisis to the industry impact, international trade protectionism intensified, petrochemical products export blocked, upstream and downstream industrial chain structural contradictions, this is the petrochemical industry in the new century the most difficult year. Last year, the petrochemical industry output of a slight increase of 0.3% to 6.63 trillion, sales revenue fell 3.3% to 5.8 trillion yuan, to achieve a profit reduction of 5.2% yuan. Last January-November, oil and gas mining industry profits fell 60.7% year-on-year, to achieve a profit of 168.7 billion yuan. (see attached table) other viewpoints less than one months of consumption of refined oil products production enterprises and sales enterprises inventory is high, some people in the industry are concerned about this.　　But Fong Shiliang said that China's product inventory is not enough domestic consumption of one months, and the United States is often 3 months of inventory, so do not worry.　　Fong Shiliang said the current inventory of about 10 million tons, and in accordance with the last year, China's oil consumption 220 million tons of calculation, the monthly consumption of more than 18.3 million tons.　　This year, the international oil price in the 70-80 dollars/barrel of China Petroleum and Chemical Industry Association, the international oil price will be at 70-80 U.S. dollars/barrel level, international oil prices will not rise sharply, domestic product prices will not rise sharply. Before the IEA predicted the result was 73 dollars/barrel,The US Energy Information Agency predicts $72.3/barrel, with the World Bank predicting 63 dollars/barrel.