sz China Refining Monthly Report-Jan’2015
(SZEnergy China Report, Tuesday, Feb. 3, 2015)

Review of China Refining Market in Jan. 2015
With the continuous oil price plunge, an estimate that each 10-percent decline in oil prices will raise China’s gross domestic product (GDP) by 0.15 percentage points. In this aspect, it is good for China, and China does expand its oil import and storage. Meanwhile, lower oil price also cuts the oil products revenues. The fact that China is the fourth-largest oil producer in the world, behind Saudi Arabia, Russia and the United States, makes Beijing as vulnerable to falling prices as any other oil producer. China’s import of crude oil will not decline until its SPR reach the target.
News Spot
The tax on products including petrol and lubricating oil will be increased to CNY 1.52 (about 25 US cents) per litre from CNY 1.4, according to figures from China’s Ministry of Finance (MOF) and the State Administration of Taxation.
Crude Refining
China produced a combined 191.8-mil mt of crude in the first 11 months of 2014, a rise of 0.43% from the year-ago level.
China Securities Regulatory Commission (CSRC) published a draft on its website on Dec.31, 2014 to solicit opinions on the regulation over foreign traders that can participate in China’s crude futures trading.
China’s apparent oil demand in November rose 3.5% year over year to 42.18-mil mt, or an average 10.31 million barrels per day. The official data also showed China turning into a net exporter of oil products during the January - November period in 2014.

China Refining Monthly Report-Jan’2015
Please see ’’’’ for more detailed information about China oil, gas & petrochemical industry.
1.         China Refining Topic News
1.1       Market Overview
1.1.1         China to set gas-fired power tariffs against natural gas prices
1.1.2         Sinking oil prices cut both ways for China
1.1.3         Private wholesalers’ oil product stocks drop 3.35%
1.1.4         China announces consumption tax increase on oil products
1.1.5         China’s oil imports climb above 7m barrels a day for first time
1.1.6         Ranking of China’s top 10 independent refiners unchanged in 2014
1.1.7         China’s December crude imports set record high
1.1.8         Chinese refinery daily throughput down by 0.5% in January
1.1.9         China: Oil majors ponder output cuts as crude prices fall, costs rise
1.1.10      Lower Oil Prices Test China’s Policies
1.1.11      China’s crude apparent consumption up 5.7% in Jan-Nov
1.1.12      China to hike threshold for crude windfall taxes from Jan.1,2015
1.1.13      China’s crude imports from S America surge 21% in first 11 months
1.1.14      Northwest China’s crude output up 2.09% in January-November
1.1.15      China’s crude output up 0.43% in January-November
1.1.16      China’s crude throughput drops 2.91% in November
1.2       Market price
1.2.1         China gas price cuts loom amid ongoing reforms
1.2.2         PetroChina cuts December naphtha ex-refinery price by 30%
1.2.3         China to cut fuel prices by CNY 500-520/mt on Dec.27
1.2.4         Sinopec slashes January Shengli crude price by 22%
1.3       Gasoline
1.3.1         Domestic petrol stations’ gasoil, gasoline sales largely stable
1.3.2         Gasoline, gasoil import costs rise on higher consumption taxes
1.3.3         Domestic petrol stations’ gasoil, gasoline sales improve
1.4       LPG
1.4.1         China LPG: Prices plunge on lower January CPs, bearish outlook
1.4.2         LPG Prices rebound 11-22% on stronger demand, improving sentiment
1.5       Naphtha
1.5.1         China’s naphtha output up 4.29% in December
1.6       Others
1.6.1         China demand for FOB Korea benzene rises as arbitrage window opens
1.6.2         November sees China’s polymer imports decline for third consecutive month
1.6.3         Acetylene based PVC trades at a premium to ethylene based in China
1.6.4         PET prices in China plummet to 5-year lows
1.6.5         China’s ethylene output down 3.3% in November
1.6.6         Fund Energy subsidiary to use Ineos’ Innovene PP process for project in China
1.7       China Oil Tank and Transportation
1.7.1         China’s bet on shipyards backfires as oil prices threatens industry
1.8       China Oil & Gas Projects And Units
1.8.1         Jereh completes construction of China’s first shale gas liquefaction plant
1.9       Tables - China Oil Supply-Demand Overview in Jan-Dec’2014
Jan-Dec’2014 China crude runs & oil products production:
Dec’2014 China crude runs & oil products production:
1.10          Gasoline/Gas Oil Vs LPG prices in S. China & E. China over the past three months
Curve 1: Gasoline/Gas Oil Vs LPG prices in S. China over the past 3 months: US$/6.12/113% or /117%
Curve 2: Gasoline/Gas Oil Vs LPG prices in E. China over the past 3 months: US$/6.12/113% or /117%
2.         Major Refineries
2.1       Sinopec
2.1.1         Sinopec gets 12-mil mt oil product export quota for 2015
2.1.2         Sinopec Hainan Refining & Chemical to cut crude runs by 1.35% in Jan
2.1.3         Sinopec Cangzhou Petrochemical to refine 2.13% more crude in January
2.1.4         Sinopec Yanshan Petrochemical to keep stable crude runs in January
2.1.5         Sinopec Guangzhou Petrochemical to refine 4.76% less crude in 2015
2.1.6         Sinopec Zhanjiang Dongxing Petrochemical to cut crude runs by 1.3% in Jan
2.1.7         Sinopec to delay start-up of Zhanjiang complex to 2018
2.1.8         Sinopec Jinling Petrochemical to maintain stable crude runs in Januray
2.1.9         SRCC to refine 2.08% less crude in January
2.1.10      Sinopec Tianjin Petrochemical to cut January crude runs by 1%
2.1.11      WEPEC to cut crude runs by 5.56% in January
2.1.12      Guangxi Petrochemical to reduce January crude runs by 6.17%
2.2       CNOOC
2.2.1         CNOOC makes second independent find in South China Sea
2.2.2         CNOOC puts china’s first multi-purpose deepwater vessel into operation
2.3       CNPC (PetroChina)
2.3.1         PetroChina granted 4.8-mil mt distillates export quota for H1 2015
2.3.2         Daqing Refinig & Chemical to process 5.1% less crude in January
2.4       Independent Refineries and Others
2.4.1         Shandong Independent Refineries     Shandong independents’ oil product stocks drop     Run rates of China’s etherified C4 processing units drop to 22%     Shengli crude refining losses deepen in Shandong     Shengli crude refining losses soften on lower costs in Shandong     Shengli crude refining margins still deeply negative in Shandong     Shandong’s commercial crude stocks     Run rates at Shandong independents refineries
2.4.2         Guangdong Independent Refineries     Run rates at Guangdong minor refineries
2.4.3         Refinery Turnarounds
3.         Policy, Regulation & Law
3.1       CSRC publishes draft on crude futures trading for foreign traders
3.2       China rises tax threshold on oil and gas output for 2015
3.3       China Becomes Net Exporter of Oil Products over January-November
4.         China Import & Export
4.1       China remains net importer of oil products in 2014
4.2       China issues 9.75-mil mt of oil export quotas, first lot in 2015
4.3       Refined oil export losses deepen in H2 2014
4.4       DATA: Oil Products Import & Export in China in Oct’2014
Please see ’’’’ for more detailed information about China oil, gas & petrochemical industry.
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(Source: SZEnergy)

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