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Petroleum processing, power and chemical industries have become pillar industries in Zhejiang
Affected by changes in international crude oil prices, adjustments in electricity prices, and rising demand for electricity, the three major industries of Zhejiang petroleum processing, electric power, and chemical industry have promoted a rapid increase in profits for industries above designated size in the province. In July, the total profits of the three major industries were 4.0, 12.2, and 1.84 billion yuan, respectively a net increase of 24.1, 9.8, and 740 million yuan over the same period of 2008, respectively, driving the increase in industrial profits by 18.1, 7.4, and 5.5 percentage points respectively. Zhenhai only. The Refining and Chemicals Group boosted profit growth by 17.6 percentage points. Excluding the impact of the above three industries, the province's monthly profit growth fell from 34.1% to 2.9%, an increase of 1.8 percentage points from June.