China's top five oil companies saw profits up 13.2 percent in March from the same period a year ago, and March profits rose 160 percent from February to 28.25 billion yuan, as stimulus package pushed up energy demand, according to a April 23 report released by the China Petroleum and Chemical Industry Association (CPCIA).

The "top five" includes China National Petroleum Corporation, China Petroleum and Chemical Corporation, China National Offshore Oil Corp, Sinochem Corporation, and Shaanxi Yanchang Petroleum (Group) Co. Ltd.

Even though here are some positive signs and some prices declines have slowed down, over all the impact of the financial crisis on the petrochemical industry is still deepening and the industry still face significant pressure.  It is the first time in more than a decade that the petrochemical sector has seen declines in both industrial value and sales revenue. It is likely that the falling trend would continue in the second quarter, said Feng Shiliang, CPCIA deputy secretary.  In addition, there is an issue with overcapacity.