06/06

2018

Expanding imports benefits China's energy development, enabling a "multi-pronged approach."

Expanding imports benefits China's energy development, enabling a "multi-pronged approach."

China News Service, Beijing, June 4 (Reporter Wang Enbo) — China is taking measures to comprehensively expand its imports, with energy emerging as a key area in this effort. Experts here believe that boosting energy imports will help China pursue a diversified approach to energy development, thereby better meeting the growing aspirations of the public for a higher quality of life and fostering high-quality economic growth. In recent years, China's demand for energy imports has continued to rise steadily, consistently ranking among the world's top crude oil importers. According to data from China's National Bureau of Statistics, China imported 39.46 million tons of crude oil in April this year, representing a year-on-year increase of 14.7%. Notably, the growth rate accelerated by 14.1 percentage points compared to the previous month, averaging 131,000 barrels per day.

06/05

2018

Forward Look: Energy Cooperation Among SCO Member States Boasts Numerous Highlights

Forward Look: Energy Cooperation Among SCO Member States Boasts Numerous Highlights

China News Service, Beijing, June 3 – After weathering 17 years of challenges and changes, the Shanghai Cooperation Organization has evolved from its initial focus on regional security, peace, and stability into a vibrant, multi-faceted regional cooperative body today, fostering close collaboration across political, economic, and cultural spheres. Notably, cooperation among SCO member states in the energy sector has emerged as a standout highlight. Regional energy cooperation is growing ever closer. In recent years, international energy cooperation has been marked by a new trend: production centers are shifting westward, while consumption hubs are expanding eastward. As a result, oil and gas production in Russia and Central Asia has risen to become increasingly pivotal, while China and India continue to see their energy consumption steadily climb. These shifts are reshaping the global landscape of energy production and consumption.

05/29

2018

The global petrochemical industry is trending positively.

The global petrochemical industry is trending positively.

Recently, the World Petrochemical Conference (WPC2018) was held in Houston. Attendees generally agreed that the global petrochemical industry's upward cycle is expected to continue until 2022. As new production capacity fails to keep pace with the growth in global demand for petrochemical products, market supply is anticipated to remain tight, thereby boosting operating rates and profit margins. Meanwhile, the Trump administration's pronounced trade protectionist policies have introduced some uncertainty into these forecasts. Looking at multi-dimensional data—such as operating rates of major global chemical plants and overall average profitability— it’s clear that the global petrochemical industry is currently in an upswing, driven by several key factors, most notably the growing downstream demand for petrochemical products.

05/28

2018

China's door of openness in the energy sector will not be closed.

China's door of openness in the energy sector will not be closed.

The "seven essentials" for opening a household—firewood, rice, oil, salt, sauce, vinegar, and tea—place "firewood" at the very top. From the perspective of everyday life, firewood has always been the primary source of energy. Over time, Chinese households have steadily upgraded their energy sources, transitioning from burning firewood to using coal, and now even shifting toward oil and gas. "No more tending stoves or scraping away coal ash—just turn on the valve, and with a 'whoosh,' you’ve got instant heat. It’s clean, convenient, and safe. Who’d want to lug around that old coal stove anymore?" says Zhang Nan, a resident of Shunyi District in Beijing. Behind this energy transformation lies not only the rapid development of China’s energy companies as they strengthen themselves, but also the vital role played by international energy cooperation and China’s ongoing commitment to opening up to the world. Since the reform and opening-up policy was introduced—and especially in recent years—China has continuously expanded its openness in the energy sector.

11/08

2017

The recovery in the oil market is helping the petroleum industry emerge from its slump.

The recovery in the oil market is helping the petroleum industry emerge from its slump.

Last week, the international oil market was awash with positive news: On November 3, WTI crude oil prices surged past $55, reaching a six-month high. Earlier in the week, Brent crude had already crossed the $60 mark, rallying steadily for 10 consecutive days before surpassing $62 on the 3rd—a two-year peak. Unlike the boost from geopolitical events just one month ago, international oil prices have been climbing steadily since late October, largely driven by the ongoing rebalancing of the oil market over the past two years. This shift in fundamentals is now signaling a potential turning point, helping to accelerate the recovery of the global petroleum industry. On October 27, data released by the U.S. Energy Information Administration revealed that U.S. crude oil inventories fell by 24 million barrels compared to the previous week.

10/25

2017

The battle against air pollution around Beijing-Tianjin-Hebei region officially kicks off.

The battle against air pollution around Beijing-Tianjin-Hebei region officially kicks off.

As the heating season approaches, the Beijing-Tianjin-Hebei region and surrounding areas have rolled out a comprehensive action plan for tackling air pollution during the 2017–2018 autumn and winter period, aimed at easing environmental pressures. Following this, local governments along the key pollution transmission corridors in Beijing-Tianjin-Hebei have successively introduced detailed implementation plans, signaling that the curtain is about to rise on staggered production restrictions. From the details of these local plans, several chemical-related industries—such as coking, tire manufacturing, and fertilizer production—have been identified as priority sectors for implementing off-peak production measures. The production control period will primarily span from November 15, 2017, to March 15, 2018, lasting a total of four months. Among these industries, the coking sector is likely to be the most significantly impacted.

10/16

2017

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

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.

10/13

2017

16 independent refineries establish Shandong Refining & Chemical Group

16 independent refineries establish Shandong Refining & Chemical Group

After nearly a month of preparation, Shandong Refining & Chemical Energy Group was officially established in Jinan, with a proposed registered capital of 90 billion yuan. The group is led by Dongming Petrochemical and jointly funded by 16 independent refining enterprises. Industry insiders believe that in recent years, competition in the refining and chemical sector has intensified, prompting major refineries to launch large-scale projects one after another. Against this backdrop, independent refiners have banded together to form a refining and chemical group, aiming to strengthen their bargaining power. With the establishment of Shandong Refining & Chemical Group, the emergence of a "fifth oil giant" is now within reach. Independent refiners joining forces will enhance their influence. According to a reporter from the Securities Daily, on September 27, the chairman of the China (Independent Refinery) Petroleum Procurement Alliance, Dongming…

03/10

2017

China's private refineries will expand their refining capacity.

China's private refineries will expand their refining capacity.

The Deputy CEO of Shandong Jingbo Petrochemical Co., Ltd., one of China’s largest privately owned refineries, stated that the total refining capacity of private refineries in Shandong Province alone has already reached 11 million tons per year, with an ambitious goal to add another 8 million tons annually. While he did not provide a specific timeline, he noted that expanding refining capacity will benefit China’s imports of light, low-sulfur crude oil, as refineries aim to boost production of higher-value products to meet growing domestic demand.

03/09

2017

Four New Trends in the Refining Industry

Four New Trends in the Refining Industry

Under the new global economic landscape characterized by sluggish growth and an accelerating transition in energy structures, the global refining industry in 2016 exhibited several notable trends: the refining landscape continued to undergo structural adjustments, industry concentration further increased, refinery gross margins began to decline, the pace of upgrading fuel quality accelerated, and the role of technological innovation as a driving force strengthened. Moreover, industry concentration in the refining sector has risen further. The prolonged period of economic stagnation and the slowing growth rate of oil demand have led to a gradual expansion of global refining capacity over recent years. In 2016, global refining capacity reached 4.579 billion tons per year, representing a 2.34% increase from the 4.474 billion tons per year recorded in 2015—a growth rate not seen since 2010.

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