In 2005, the Chinese petroleum and petrochemical equipment manufacturing sector experienced significant growth, driven by rising global crude oil prices. According to the China Petroleum and Petrochemical Equipment Industry Association, the industry saw a surge in activity, with 909 enterprises of designated size contributing to a total asset value of 51.87 billion yuan—an increase of 23.3% compared to the previous year. Sales revenue reached 47.86 billion yuan, up by 35.9%, while profits hit 3.04 billion yuan, reflecting a remarkable 65.6% growth. Export delivery value also rose sharply to 5.18 billion yuan, marking an 82.8% increase.
The oil drilling and production equipment sector benefited greatly from high crude oil prices. The overall efficiency of the industry improved significantly, with sales reaching 19.94 billion yuan—a 44% rise from the previous year—and total profits jumping to 1.82 billion yuan, a 70.6% increase. The number of loss-making enterprises dropped from 57 to 37, and losses decreased by 25%, showing positive progress.
Meanwhile, the refining and chemical industries faced challenges due to fluctuating oil prices. However, as domestic energy demand continued to grow, petrochemical companies were forced to accelerate equipment upgrades and energy-saving measures to cut costs. This led to sustained growth in demand for petrochemical equipment throughout the year. Sales revenue totaled 12.84 billion yuan, up 39.7%, and total profits reached 589 million yuan, a 68.5% increase. Although the number of loss-making enterprises fell from 55 to 45, the total loss amount increased, highlighting uneven development within the industry.
Two key trends stood out during the year. First, the export of new products in the oil drilling, refining, and chemical equipment sectors grew steadily. Companies actively adjusted their product structures to enhance core competitiveness, leading to a new product output value of 4.97 billion yuan—an increase of 58.9% over the previous year. However, the new product rate only increased by 1.5 percentage points, indicating that more effort is needed to boost innovation and R&D.
Second, exports of oil drilling and refining/chemical equipment maintained high growth rates, with increases of 241.3% and 42.3% respectively. The sharp rise in drilling equipment exports reflected strong global demand for petroleum machinery and showed that China’s drilling equipment has gained a foothold in international markets. However, the growth rate for refining and chemical equipment exports slowed compared to the previous year. Most large-scale petrochemical projects still rely on imported key equipment, and the majority of exported products are low-value, small-scale items produced by smaller enterprises.
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