BEIJING, Feb. 14 (Xinhua) -- China's petrochemical industry saw profits decline last year due to the global spread of COVID-19 and lower oil prices, said a report released by the China Petroleum and Chemical Industry Federation.

Profits of the sector stood at 515.55 billion yuan (about 80 billion U.S. dollars) in 2020, down 13.5 percent year on year, the report said.

The industry's operating revenue shrank 8.7 percent from a year earlier to 11.08 trillion yuan.

Prices of China's major petrochemical products dropped last year, but output and consumption of these products kept growing, the federation said.

Despite the uncertainties of the COVID-19 pandemic and global economy in 2021, China's chemicals output is forecast to post faster growth as the country's economy is expected to maintain a steady growth momentum, according to the federation. ■