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Profits in China's petroleum and chemical industry increased by a record high of 43.6 per cent year-on-year, thanks to an oil price increase and strong domestic demand, according to statistics from the China Petroleum and Chemical Industry Association.

The association said the industry is expected to continue on the fast track this year with a profit rise up to 20 per cent.

But it also warned that several factors may risk the development of the sector, including insufficient supply and coal and electricity price rises, transportation problems, and the price hike of salt that may increase the production cost of alkali.

The profits of the petroleum and chemical industry reached 176.4 billion yuan (US$21.3 billion) last year, making the industry one of the richest in China's economy. Revenue rose by 26.4 per cent year-on-year to 1,800 billion yuan (US$217.7 billion), said a report from the association.

It mainly attributed the strong performance of the industry to the oil price hike last year.

The benchmark Brent oil price has risen by nearly 15 per cent year-on-year to US$28.9 a barrel on average last year.

Oil and natural gas production account for 70 per cent of the industry's total profits.

The chemical sector makes up 24 per cent and the oil refinery business takes 5 per cent of the total profit.

The price hike of oil and gas has also pushed the international prices of chemicals high, which, in turn, help promote China's export of fertilizer.

Last year, China's export of fertilizer has more than doubled to 5.5 million tons.

The report also said the rampant output in such industries as auto, telecommunications, housing and light industry fuelled the oil sector's growth.

Strong demand pushed the oil imports in China, the second largest oil consumer in the world, to a record high of 91.1 million tons last year.

It said the oil production last year inched by 1.5 per cent to 169.3 million tons, while the natural gas production rose by 6.8 per cent to 34.1 billion cubic metres.

It predicted that the crude oil output is expected to rise by to 172 million tons this year.

The natural gas production is likely to rise to 35 billion cubic metres.

Fertilizer output is expected to increase to 40 million tons.

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