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Tianjin: Petrochemical Industry Sees Rapid Growth!

Release date:

2022-02-18

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Abstract

According to relevant statistics, Tianjin had 711 petrochemical enterprises in 2015 (among which five enterprise groups

　　According to relevant statistics, in 2015 Tianjin boasted 711 petrochemical enterprises (including 5 enterprise groups with annual output value exceeding 10 billion yuan), with total assets amounting to 375.657 billion yuan. These companies collectively generated an annual output value of 402.432 billion yuan. Tianjin’s crude oil production capacity stands at 35 million tons, while its refining capacity reaches 17.5 million tons. The city also boasts an ethylene production capacity of 1.2 million tons, and its facilities for key petrochemical products such as polyethylene, polypropylene, and ABS rank among the largest and most advanced in China.

　　In 2018, Tianjin's petrochemical industry continued to maintain strong growth momentum, evident in four key areas: First, the added value of the petrochemical sector accounted for 33.5% of industrial output from enterprises above designated size—a significant increase of 6.7 percentage points compared to 2017. Specifically, the oil and gas extraction industry contributed 19.7%, while the petroleum, coal, and other fuel processing industries made up 7.7%, and the chemical raw materials and chemical products manufacturing sector represented 6.1%. Second, production of petrochemical products remained stable throughout the year. Third, the industry’s profitability continued to grow rapidly. In 2018, Tianjin’s petrochemical sector saw its main business revenue rise by 15.9% year-on-year. Notably, the oil and gas extraction industry achieved a profit margin of 57.2% on its main business revenue, while the petroleum, coal, and other fuel processing sector posted a margin of 8.4%. Similarly, the chemical raw materials and chemical products manufacturing industry maintained a robust margin of 8.4%, all surpassing the average level of industries above designated size. Finally, exports remained robust. In 2018, the petrochemical industry delivered export goods worth 13.018 billion yuan, representing a remarkable 36.6% increase over the previous year. This impressive export growth was primarily driven by the petroleum, coal, and other fuel processing industries, whose export value surged by 1.8 times year-on-year.

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