China's petrochemical industry is expected to notch up 380 billion yuan (46.9 billion US dollars) in profits this year, a year-on-year increase of 36 percent, the Economic Information Daily reported on Friday.

Citing a China Petroleum and Chemical Industry Association forecast, the report said that the winter would see a continued rise in domestic demand for oil.

The report predicted that crude oil prices, which have fallen on international markets recently, would stay at around US$60 per barrel.

The country's oil and gas producers would benefit from the high oil prices, the report said. However, oil refineries would continue to suffer losses due to rising costs.

(Xinhua News Agency October 26, 2005)