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sz China Refining Monthly Report-May’2015
[Monday, Jun. 29, 2015] PRINT EMAIL FAV PDF

 Editorial:

Review of China Refining Market in May 2015

Abstract

China refined 43.13-mil mt of crude in April, down by 3.48% from the previous month, which was mainly due to turnarounds at major refiners in April. With other refineries turnarounds coming, the throughput would decrease further.

To combat pollution, China promoted clean energy, accelerated fuel quality upgrading process. And fuel price was hiked again; China controlled oil products expert by means of slashing the quota of export

Refineries imported record high crude oil, whereas china oil products import and export were both weak. CNOOC started to export gasoline and diesel cargoes in April.

News Spot

Gasoline and gasoil wholesale prices climbed further in most Chinese regions after China hiked retail ceilings by CNY 245-255/mt ($40.1-41.7/mt) on May.12.

Crude Refining

China refined 43.13-mil mt of crude in April, down by 3.48% from the previous month; Chinese refineries are expected to refine a combined 41.5~42.0-mil mt of crude and fuel oil in May, with the daily throughput down by 3.7% from the previous month.

Policy

China announced on May.18 that new energy cars and ships will be exempted from vehicle and vessel tax in a bid to save energy and combat pollution.

Others

Energy cooperation is a key focus of China-Russia cooperation and the countries have made progress, Zhang Gaoli, vice premier of the State Council said on Apr.21.


Content

China Refining Monthly Report-May’2015_ 1

Please see ’’www.SZEnergy.biz’’ for more detailed information about China oil, gas & petrochemical industry. 5

1.     China Refining Topic News 7

1.1       Market Overview_ 7

1.1.1         China’s crude throughput down 3.48% in April 7

1.1.2         Chinese refinery daily throughput expected to fall 3.7% in May_ 7

1.1.3         NW China still records highest crude production in Q1_ 7

1.1.4         China Oil Demand Climbed 6.5% Year over Year in March_ 8

1.1.5         Oil Product retail margins rise on higher retail prices 9

1.1.6         China’s Q1 crude apparent consumption rises 4.5%_ 10

1.1.7         China’s oil product stocks rise 9.14% in March_ 10

1.1.8         China posts 12.58% rise in March crude runs 10

1.1.9         China’s crude output up 1.4% in Q1_ 11

1.2       Market price 11

1.2.1         Domestic gasoline, gasoil wholesale prices rise further 11

1.2.2         PetroChina raises May Daqing, Jidong crude prices by 3.47%_ 12

1.2.3         Sinopec raises May Shengli crude price by 3.65%_ 12

1.3       Fuel oil 13

1.3.1         China expected to raise May fuel oil imports by 1%_ 13

1.4       Gasoline 13

1.4.1         China’s April gasoline output down 0.7%_ 13

1.4.2         China’s gasoil apparent consumption rises 4.0% in Q1_ 13

1.4.3         China’s gasoline apparent consumption rises 8 % in Jan-Mar 14

1.4.4         Domestic gasoil demand not to grow much in May_ 14

1.5       Diesel 15

1.5.1         Non-automotive diesel in China to meet new quality standards in 2018_ 15

1.5.2         China to boost diesel exports as domestic demand remains weak_ 15

1.6       Fuel oil 16

1.6.1         CFR China premiums of M100 fuel oil set four-year low_ 16

1.6.2         China fuel oil Demand remains thin as teapot refiners use bitumen blend_ 17

1.7       LPG_ 18

1.7.1         LPG sees glimmer of hope of becoming vehicle fuel 18

1.8       Naphtha_ 19

1.8.1         China’s April naphtha output drops 4.69%_ 19

1.8.2         Sinopec’s April naphtha ex-refinery prices rise CNY 90/mt 19

1.9       Others 20

1.9.1         PE prices gain premium on tightness in China_ 20

1.9.2         WR Grace to provide UNIPOL® PP technology and services to Yunnan Yuntianhua PetroChemical Co., Ltd. 20

1.9.3         BP highlights China’s surging shale gas production_ 21

1.9.4         China and Russia to expand energy cooperation_ 22

1.10    China Oil & Gas Projects and Units 22

1.10.1      China, UAE oil firms sign 330 mln USD worth project 22

1.10.2      Praxair inks long-term contract to provide industrial gases to CNOOC_ 23

1.10.3      Shandong to start up six n-butane isomerisation units in 2015_ 23

1.11    Tables - China Oil Supply-Demand Overview in Jan-Apr’2015_ 24

Jan- Apr’2015 China crude runs & oil products production: 24

Apr’2015 China crude runs & oil products production: 24

1.12    Gasoline/Gas Oil Vs LPG prices in S. China & E. China over the past three months 25

Curve 1: Gasoline/Gas Oil Vs LPG prices in S. China over the past 3 months: US$/6.11/113% or /117%_ 25

Curve 2: Gasoline/Gas Oil Vs LPG prices in E. China over the past 3 months: US$/6.11/113% or /117%_ 25

2.     Major Refineries 26

2.1       Sinopec 26

2.1.1         Changling Petrochemical raises May crude throughput 26

2.1.2         Sinopec Jingmen Petrochemical trims May crude runs on unit glitches 26

2.1.3         Sinopec Yangzi Petrochemical to maintain stable crude runs in May_ 26

2.1.4         Sinopec Jinling Petrochemical to maintain stable crude runs in May_ 27

2.1.5         Blast at Yangzi refinery yet to affect crude throughput 27

2.2       CNPC (PetroChina) 27

2.2.1         PetroChina Liaoyang Petrochemical hikes May distillates exports by 67%_ 27

2.2.2         PetroChina Guangxi Petrochemical to hike distillates exports by 36.1% in May_ 28

2.2.3         PetroChina Hohhot Petrochemical to cut crude run by 2% in May_ 28

2.2.4         PetroChina Urumchi Petrochemical to still run at 80% in May_ 28

2.2.5         PetroChina’s net profit plunges 82% in Q1_ 29

2.3       WEPEC_ 29

2.3.1         WEPEC to halve distillates exports in May_ 29

2.4       Independent Refineries and Others 30

2.4.1         Shandong Independent Refineries 30

2.4.1.1     Shengli crude refining margins slip on lower product prices 30

2.4.1.2     Shandong’s fuel oil inventories hit 25 month high_ 30

2.4.1.3     Shengli crude refining margins up on higher product prices 31

2.4.1.4     Shengli crude refining margins rise on higher oil product prices 31

2.4.1.5     Shandong’s commercial crude stocks 31

2.4.1.6     Run rates at Shandong independents refineries 32

2.4.2         Guangdong Independent Refineries 32

2.4.2.1     Run rates at Guangdong minor refineries 32

2.4.3         Refinery Turnarounds 33

3.     Policy, Regulation & Law_ 33

3.1       China slashes tax to promote green vehicles, ships 33

3.2       Dozens of top SOE bosses probed_ 34

3.3       China reduces oil product export quotas in second quarter 35

3.4       China to raise fuel prices by CNY 245-255/mt on May.12_ 36

3.5       China speeds up fuel quality upgrading for better air 36

3.6       China reduces export quotas for oil products 37

3.7       China raises retail oil prices 37

4.     China Import & Export 38

4.1       China expected to raise May fuel oil imports by 1%_ 38

4.2       S China’s May fuel oil imports expected to drop 40%_ 38

4.3       China’s refined oil imports, exports drop in April 39

4.4       China’s April crude imports hit second high in history_ 39

4.5       China’s CNOOC exports first gasoline, diesel cargoes 39

4.6       Chinese refiners import record crude oil volumes 40

4.7       China’s LPG imports from Mideast surge 48% in March_ 41

4.8       China’s gasoil exports drop 54% in Q1_ 42

4.9       China’s Q1 crude imports from Mideast rise 14%_ 42

4.10    DATA: Oil Products Import & Export in China in Mar’2015_ 43

5.     Appendix – Oil Products Import and Export (sorted by area) 45

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