Chinese petrochemical earnings rise during 1999

06/19/2000
Rising product prices helped earnings of China's listed petrochemical firms recover in 1999, but high crude oil costs have narrowed margins, say analysts.Analysts also say that the sector faces difficulties in the long term, as China's pending membership in the World Trade Organization (WTO), expected this year, will bring a wave of foreign competition.Improved domestic and world petrochemical markets in 1999 led to a strong recovery by Chinese producers, says a China Securities analyst. Shanghai Petrochemical Co. reported a 155% surge in net profits in 1999 vs. 1998, while Jilin Chemical Industrial Group announced a 125% rise.Shanghai Chlor Alkali Chemical Co. Ltd. reported a net...
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