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Hainan exports $ 2.5 billion in petroleum products and gas in 2019

Oil refining and gas are among the key industries in the island's economy

HAIKOU, January 23. /TASS/. The volume of exports of oil products and natural gas in China's Hainan in 2019 amounted to 17.5 billion yuan (about $ 2.5 billion), the Hainan Daily newspaper reported citing the local cuctoms office.

At the same time, the volume of petroleum product supplies to foreign markets increased by 37.7% over the said period, amounting to 16.8 billion yuan ($ 2.4 billion), reaching about 49.1% of the total export of the province. The volume of natural gas exports in 2019 on Hainan increased by 29.9%, to 730 million yuan (about $ 107 million).

Oil refining and gas are among the key industries in the island's economy, playing an important role in the structure of its export. In December 2019, the head of the Haikou customs Chen Zhen said that the province plans to increase the supply of duty-free oil products to international ports, which has to do with market demand and boosts the province's development. Sinopec Hainan Petroleum company, which is already experimentally engaged in duty-free supplies of petroleum products, was chosen to implement these plans.

According to experts, due to these supplies alone, Sinopec will be able to increase Hainan's turnover by 5 billion yuan (about $ 820 million) a year in the near future. In 2019, the province's foreign trade amounted to $ 13.3 billion.