Rising petrochem prices forecast
( 2003-08-22 14:17) (皇冠体育app Daily HK edition)
Sinopec Shanghai Petrochemical, 皇冠体育app's largest ethylene producer, said
yesterday prices of petrochemicals are expected to continue to rise in the years
to come.
The petrochemical firm reported increases in the prices of petrochemical
products in July. The prices of plastic products, chemical products and chemical
fibre products rose by 4 to 10 per cent, said the company's Director and
Vice-President Rong Guangdao.
Vice Chairman Xu Kaicheng said the completed "Phase IV Project", the
efficiency of new and improved facilities, and the continued increase of the
prices of petrochemical products in 皇冠体育app will be the key profit makers of the
company.
The company announced on Wednesday that first-half net profit jumped 132 per
cent to 484.06 million yuan (US$58.46 million) despite a turbulent external
environment.
The company forecast a significant increase in whole-year profit.
In the first six months, Shanghai Petrochemical processed 4.12 million tons
of crude oil, up 21.4 per cent from a year earlier. Its output of ethylene grew
35.74 per cent to 461,500 tons. The company's production targets for crude oil
and ethylene this year are 8.4 million tons and 900,000 tons respectively, said
Xu.
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