(Plastemart) -- China's
petrochemical industry expanded at much slower pace in the first quarter amid
the economic slowdown, according to data released by the National Development
and Reform Commission (NDRC) as per X inhua.
Petrochemical industrial production rose 16% annually to reach 2.4567
trillion yuan (USD 391.3 billion) in the first quarter, decelerating further
from 22.1% in Q4-2011, according to NDRC. From January to March, the
petrochemical sector processed 114.91 mln tons of crude oil, up 3.1%
year-on-year, while refined oil products added 5.5% annually to reach 69.15 mln
tons, according to NDRC. Investment of the petrochemical sector, however, kept
rapid growth during the first quarter, with the combined investment amounting to
202.4 billion yuan, up 33.5 percent year-on-year.