July 27 -- The refinery sector in China recorded a 58.7 percent year-on-year decrease in profits to 13.4 billion yuan in the first five months of 2011 due to higher crude oil prices, according to the National Development and Reform Commission.

The refinery sector reported a loss of 3.3 billion yuan in May.

The number of petroleum enterprises which posted losses increased 33 percent year-on-year in the first five months, with the total loss hitting 17 billion yuan.

The refinery sector reported a 16.2 percent year-on-year increase in cumulative investment to 57.8 billion yuan in the first half of 2011, of which investment in June hit 15.9 billion yuan, up 19.5 percent year-on-year.

In the first half of 2011, crude oil processing volume rose 7.1 percent year-on-year to 223 million tons, while the volume of refined oil rose 7.4 percent year-on-year to 131.56 million tons.

Gasoline production volume rose five percent year-on-year to 39.43 million tons in the first six months.

During the same period, kerosene production volume climbed 5.5 percent to 8.98 million tons, while diesel production volume increased 8.9 percent year-on-year to 83.16 million tons.

Shares of PetroChina (601857,0857.HK) rose 1.51 percent to trade at 10.76 yuan at 14:32 today.

Source:CapitalVue