China's independent refineries are expected to import over 100 million tons of crude oil this year.

On September 18, Ning Gaoning, Chairman of Sinochem Group, stated at the inaugural World Petroleum Traders Conference that the global oil trade landscape is undergoing significant changes. The center of global oil trading is accelerating its shift toward the Asia-Pacific region, with the focus of trade gradually shifting from crude oil to refined petroleum products. In this evolving scenario, China's position as a major global oil buyer will become even more critical, and independent refineries are set to emerge as the driving force behind China's crude oil imports. In 2016, independent refineries imported over 80 million tons of crude oil, surpassing China National Petroleum Corporation but trailing only Sinopec. This year, their imports are expected to exceed 100 million tons. Ning Gaoning also noted that, currently, the Middle East primarily supplies Asia, Central Asia and Russia cater mainly to Europe, while the Americas continue to serve as the primary supplier to other regions.

Release date:

2017-10-16

　　On September 18, Ning Gaoning, Chairman of China National Chemical Corporation, stated at the inaugural World Petroleum Traders Conference that the global oil trade landscape is undergoing significant changes. The center of international oil trading is rapidly shifting toward the Asia-Pacific region, with the focus of trade gradually moving from crude oil to refined petroleum products. In this context, China's growing role as a major global oil buyer will become even more critical, and independent refineries are set to emerge as the driving force behind China's crude oil imports. In 2016, independent refineries imported over 80 million tons of crude oil, surpassing Sinopec but trailing only PetroChina; this year, their imports are expected to exceed 100 million tons.

　　Ning Gaoning stated that the current oil trade landscape is characterized by the Middle East primarily supplying Asia, Central Asia and Russia mainly serving Europe, the Americas catering to the U.S., and Africa providing oil to Europe, the Americas, and Asia. In 2020, Asia's oil imports are expected to account for 65% of the global total. Last year, the world's refined oil trade volume reached 1.105 billion tons, representing 34.3% of the global oil trade—up 4.6% from 2015, a growth rate higher than the 4% increase seen in crude oil trade during the same period.

　　Ning Gaoning believes that as the United States reduces its dependence on foreign oil and Europe accelerates its efforts to replace oil with alternatives, China's position as a major global oil buyer will become even more critical. In 2016, China's oil consumption and imports had increased 1.5 times and 5.5 times respectively compared to 2001. By 2016, China's external oil dependency reached 67.3%, meaning that currently, for every three barrels of oil consumed domestically, two are imported from abroad.

　　Ning Gaoning also stated that China is advancing reforms of its crude oil import system, which has gradually evolved into an import framework characterized by diversified players, orderly competition, and vibrant market dynamics.

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