In 2005, the Chinese petroleum and petrochemical equipment manufacturing industry experienced remarkable growth, driven largely by high global crude oil prices. According to information from the China Petroleum and Petrochemical Equipment Industry Association, the sector saw a surge in activity, with 909 large-scale enterprises operating in the industry. These companies reported total assets of 51.87 billion yuan, representing a 23.3% increase compared to the previous year. Sales revenue reached 47.86 billion yuan, up 35.9%, while profits climbed to 3.04 billion yuan, an impressive 65.6% rise. Additionally, the export delivery value amounted to 5.18 billion yuan, marking an 82.8% growth.
The oil drilling and production equipment segment particularly benefited from rising oil prices. The industry's overall efficiency improved significantly, with sales revenue reaching 19.94 billion yuan—an increase of 44% year-on-year—and total profit rising to 1.82 billion yuan, up 70.6%. The number of loss-making enterprises dropped from 57 to 37, and losses decreased by 25%, indicating positive performance.
Meanwhile, the oil refining and chemical industries faced challenges due to fluctuating oil prices and increasing domestic energy demand. To remain competitive, petrochemical companies had to invest in equipment upgrades and energy-saving measures, which boosted demand for advanced petrochemical equipment. Sales in this area reached 12.84 billion yuan, up 39.7%, and total profit was 589 million yuan, an increase of 68.5%. However, the number of loss-making enterprises decreased from 55 to 45, but the total loss amount increased, highlighting uneven development within the industry.
Two key trends emerged during the year. First, the new product export delivery value showed steady growth. Companies actively adjusted their product structures, enhancing core competitiveness and introducing more innovative products. In 2005, the oil drilling and refining equipment sectors achieved a new product output value of 4.97 billion yuan, up 58.9% compared to the previous year. However, the new product rate only increased by 1.5 percentage points, suggesting that more effort is needed to drive innovation and development.
Second, exports of oil drilling and refining equipment maintained strong growth, with increases of 241.3% and 42.3% respectively. This highlights the growing global demand for petroleum machinery and China’s emerging position in the international market. However, the export growth rate for refining and chemical equipment declined slightly compared to the prior year. Moreover, most large-scale petrochemical equipment is still imported, and the majority of exported products are low-value items from small enterprises, indicating a need for further technological advancement and higher-value production.
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