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SZ China Report: Full and deep view of China oil, gas & petrochemical market.
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sz China Refining Monthly Report-Apr’2015
[Monday, Jun. 29, 2015] PRINT EMAIL FAV PDF


Review of China Refining Market in Jan. 2015


Chinese private oil product wholesalers increased their gasoline and gasoil stocks in the first half of April, because the market became bullish after international crude prices climbed.

News Spot

China will raise the retail ceiling prices of gasoline by CNY 120/mt ($19.6/mt) and those of gasoil by CNY 115/mt on Apr.11, The price hike is based on the average price change in a basket of international crudes over the 10 consecutive working days before Apr.10.

Crude Refining

Sinopec and PetroChina are expected to refine a total of 31.5~32.0-mil mt of crude in April, with the daily throughput down by 1.1% month on month.


According to the new oil pricing mechanism launched on Mar.27, 2013, China has shortened its fuel price adjustment cycle from 22 consecutive working days to 10 consecutive working days. It has been twice adjustments in the past month.


The Bohai Bay region (Shandong, north and northeast China) is expected to import about 650,000 mt of fuel oil in April, down by 100,000-110,000 mt or 14% month on month.


China Refining Monthly Report-Apr’2015_ 1

Please see ’’’’ for more detailed information about China oil, gas & petrochemical industry. 4

1.     China Refining Topic News 5

1.1       Market Overview_ 5

1.1.1         Private wholesalers’ oil product stocks up amid bullish sentiment 5

1.1.2         Crude shipments slow to 4-month low as stockpiles rise 5

1.1.3         China’s crude imports grow 4.93% in March_ 6

1.1.4         China March oil demand up 7.6% year on year, crude runs hit record high_ 6

1.1.5         China’s major refinery margins drop on weaker products 7

1.1.6         Oil Product retail margins drop on higher wholesale prices 8

1.1.7         Crude leak in Changqing Oilfield little impacts refinery production_ 8

1.1.8         China’s commercial crude stocks fall 2% in late February_ 9

1.1.9         Private wholesalers’ oil product stocks drop in late March_ 9

1.2       Market price 9

1.2.1         Sinopec, PetroChina to cut daily crude runs by 1.1% in April 9

1.2.2         PetroChina raises April Daqing, Jidong crude prices by 5.11%_ 10

1.2.3         Sinopec raises April Shengli crude price by 14.5%_ 10

1.2.4         China’s oil product stocks rise 7.53% in February_ 11

1.3       Fuel oil 11

1.3.1         China fuel oil: Demand fades further amid shift to bitumen blend_ 11

1.3.2         China’s fuel demand to peak sooner than expected_ 13

1.3.3         Fuel oil stocks on China eastern coast fall 2%_ 14

1.4       Gasoline 14

1.4.1         Further reductions in gasoline, diesel prices at the pump_ 14

1.5       Diesel 15

1.5.1         China diesel market seen amply supplied in April despite turnarounds 15

1.6       LPG_ 17

1.6.1         China LPG: Prices Rise On Plant Explosion_ 17

1.7       Naphtha_ 18

1.7.1         Ethylene-naphtha spread hits an-all-time high in Asia_ 18

1.7.2         PetroChina hikes March naphtha ex-refinery price by 6%_ 18

1.7.3         Sinopec raises March naphtha ex-refinery prices by CNY 190/mt 19

1.8       Others 19

1.8.1         Refiners to exit China for Southeast Asia_ 19

1.8.2         Benzene to arrive into China late April from US Gulf Coast 20

1.8.3         Paraxylene, benzene prices rise in Asia after China plant explosion_ 20

1.9       China Oil Tank and Transportation_ 20

1.9.1         China’s LNG truck transportation faces oversupply_ 20

1.10    China Oil & Gas Projects and Units 22

1.10.1      Chinese company plans to construct new oil refinery in Mangistau_ 22

1.11    Tables - China Oil Supply-Demand Overview in Jan-Mar’2015_ 23

Jan-Mar’2015 China crude runs & oil products production: 23

Mar’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 24

Curve 1: Gasoline/Gas Oil Vs LPG prices in S. China over the past 3 months: US$/6.13/113% or /117%_ 24

Curve 2: Gasoline/Gas Oil Vs LPG prices in E. China over the past 3 months: US$/6.13/113% or /117%_ 25

2.     Major Refineries 25

2.1       Sinopec 25

2.1.1         Sinopec Hainan Refining & Chemical to export 7% more distillates in April 25

2.1.2         Sinopec Luoyang Petrochemical to refine 0.88% less crude in April 25

2.1.3         Sinopec Maoming Petrochemical to refine 4.08% more crude in April 26

2.1.4         Sinopec Qilu Petrochemical starts up new, revamped secondary units on Apr.1_ 26

2.1.5         Sinopec Wuhan Petrochemical to refine 1.29% less crude in April 27

2.1.6         Sinopec Dushanzi Petchem to refine 230,000 mt of crude in April 27

2.1.7         Sinopec’s profit drops 27.26% in 2014_ 27

2.2       CNOOC_ 28

2.2.1         China oil company CNOOC posts higher annual profit 28

2.3       CNPC (PetroChina) 29

2.3.1         PetroChina Daqing Petrochemical to raise crude runs by 11.3% in April 29

2.3.2         PetroChina Daqing Refining & Chemical to refine 8.89% more crude in April 30

2.3.3         PetroChina Hohhot Petrochemical to raise crude run by 21.8% in April 30

2.4       Independent Refineries and Others 30

2.4.1         Shandong Independent Refineries 30     Shengli crude refining margins inch down on lower LPG prices 30     Shengli crude refining margins turn positive in Shandong 31     Shengli crude refining margins turn negative in Shandong 31     Shandong’s commercial crude stocks 31     Run rates at Shandong independents refineries 32

2.4.2         Guangdong Independent Refineries 32     Run rates at Guangdong minor refineries 32

2.4.3         Fujian refineries 33     Fujian Refining & Petchem to refine 1.63% more crude in April 33

2.4.4         Refinery Turnarounds 33

3.     Policy, Regulation & Law_ 34

3.1       China’s policy easing_ 34

3.2       China to raise fuel prices by CNY 115-120/mt on Apr.11_ 35

3.3       China to cut fuel prices by CNY 230-240/mt on Mar.27_ 35

4.     China Import & Export 36

4.1       BASF to ship 80,000 mt naphtha to Asia in rare move 36

4.2       Bohai Bay’s fuel oil imports expected to drop 14% in April 37

4.3       CFR China premiums of M100 fuel oil set 32-month low_ 37

4.4       DATA: Oil Products Import & Export in China in Feb’2015_ 38

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