Sinopec Shanghai Petrochemical Co. Ltd., China��s top ethylene producer, said Sunday its nine-month net profit almost tripled due to rising demand for petrochemcial products from the country��s booming economy.

Shanghai Petrochemical, a unit of Asia��s largest refiner Sinopec Corp., said profit based on Chinese accounting standards surged 187 percent to 2.61 billion yuan (US$315 million) for the nine months ended September from the same period a year ago.

Revenue from principal operations rose to 28.13 billion yuan from 21.65 billion a year earlier.

The Shanghai-based firm processed 6.81 million tons of crude oil, an increase of 7.89 percent.

Chairman Lu Yiping said in a statement that prices of the group��s main products increased significantly in the nine-month period, driven by higher crude prices and increased demand in China for petrochemical products.

Average selling prices for synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products rose 18-36 percent from January to September.

Higher product prices helped offset the adverse impact of rising oil prices.

The firm saw a 19.14 percent year-on-year rise in each unit cost of crude oil to 2,197 yuan per ton.

Amid worries of tight supplies for heating oil ahead of the northern hemisphere winter, December NYMEX crude settled at US$55.17 a barrel Friday after hitting an all-time high of US$55.50.

Lu said high crude prices and steady global economic growth, as well as the petrochemicals cycle, would see the petrochemicals boom continuing.

Source: Shenzhen Daily-Agencies