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

  

Editorial:

Review of China Refining Market in Jan. 2015

Abstract

With the background of bearish crude oil market, China refineries were undergoing a tough period. But good news was China will allow local resource-starved refineries to import crude oil. Perhaps, refineries would relieve stresses in some extent.

News Spot

Oil demand grows by only 1.1% overall – Crude imports driven by SPR needs – Products imports down by 43% – gasoline exports down, gasoil and jet up – Oil consumption to grow by 4.1% in 2015 – Gasoil exports may rise by 50% in 2015.

Crude Refining

China produced a combined 210.1-mil mt of crude in 2014, a rise of 0.6% from the year-ago level.

Chinese refiners processed a total of nearly 503-mil mt of crude in 2014, a rise of 5.3% from the same period of the previous year

Policy

China will allow local resource-starved refineries to import crude oil, the country’s top economic planner said on Feb.16.

The National Energy Administration published a policy on the development of the biodiesel industry in the second half of January, setting forth feedstock supply, industry layouts, industry thresholds, elimination systems, production and supply and biodiesel promotion.

Others

Tight supplies, weak benzene prop margins for non-integrated styrene monomer producers.

China’s propane demand from propane dehydrogenation (PDH) units is likely to grow significantly in 2015, because two more PDH units are coming online and existing units are expected to run at quite high rates.


Content

China Refining Monthly Report-Feb’2015_ 1

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

1.     China Refining Topic News 6

1.1       Market Overview_ 6

1.1.1         China’s oil demand grew by just 1.1% in 2014_ 6

1.1.2         China to crank up oil product exports, add to supply glut 7

1.1.3         Drop in oil prices not the pits 8

1.1.4         Oil prices fall on weak Chinese manufacturing, U.S. refinery strikes 10

1.1.5         Private wholesalers’ oil product stocks rise 21% in mid-February_ 11

1.1.6         Crude imports from Mideast, S America swell in 2014_ 12

1.1.7         China’s crude output up 0.6% in 2014_ 12

1.1.8         China posts 5.3% rise in 2014 crude runs 12

1.2       Market price 13

1.2.1         China to raise retail price of gasoline and diesel 13

1.2.2         Sinopec boosts March Shengli crude price by 13.5%_ 13

1.2.3         Gasoline, gasoil wholesale prices rise further, sales sluggish_ 14

1.2.4         PetroChina cuts February Daqing, Jidong crude prices by 25%_ 14

1.2.5         PetroChina cuts January naphtha ex-refinery price by 25%_ 14

1.2.6         Sinopec reduces January naphtha ex-refinery prices by CNY 1,070/mt 15

1.2.7         Sinopec slashes February Shengli crude price by 28%_ 15

1.3       Gasoline 15

1.3.1         Domestic petrol stations’ gasoline sales rise, gasoil sales drop_ 15

1.4       Diesel 16

1.4.1         Domestic gasoil market likely to stay sluggish in February_ 16

1.5       LPG_ 16

1.5.1         Chemical LPG demand may drop in 2015, demand from burning may rise 16

1.6       Naphtha_ 17

1.6.1         Asia naphtha tops $500/mt on crude gains, tighter supply_ 17

1.6.2         China’s naphtha apparent consumption grows 1.4% in 2014_ 18

1.7       Kerosene 18

1.7.1         China’s kerosene output grows 19.4% in 2014_ 18

1.8       Others 19

1.8.1         Tight supplies, weak benzene prop margins for non-integrated styrene monomer producers 19

1.8.2         PDH units set to start up in China, 2015 propane demand to see a rise 19

1.8.3         China’s propane demand from PDH units to grow sharply in 2015_ 20

1.8.4         Technip awarded contract for new 500,000 tpa EBSM plant 21

1.8.5         Pipeline boosts energy security_ 21

1.9       China Oil Tank and Transportation_ 21

1.9.1         China VLCC seals crude shipping contract with Chinese refinery_ 21

1.10    Gasoline/Gas Oil Vs LPG prices in S. China & E. China over the past three months 22

Curve 1: Gasoline/Gas Oil Vs LPG prices in S. China over the past 3 months: US$/6.15/113% or /117%_ 22

Curve 2: Gasoline/Gas Oil Vs LPG prices in E. China over the past 3 months: US$/6.15/113% or /117%_ 22

2.     Major Refineries 23

2.1       Sinopec 23

2.1.1         Sinopec Hainan Refining & Chemical to refine 0.1% more crude in February_ 23

2.1.2         Sinopec Maoming Petrochemical resumes shot GPC production_ 23

2.1.3         Sinopec posts 8.54% rise in 2014 crude output 23

2.2       CNOOC_ 23

2.2.1         CNOOC lets contract for Huizhou refinery expansion in China_ 23

2.2.2         CNOOC to Raise Output, Even as Oil Plunge Spurs Spending Cut 24

2.2.3         China’s CNOOC may export first diesel and gasoline cargoes in Q1_ 25

2.3       CNPC (PetroChina) 25

2.3.1         PetroChina Daqing Petrochemical to maintain stable crude runs in February_ 25

2.3.2         PetroChina granted 4.8-mil mt distillates export quota for H1 2015_ 25

2.4       Independent Refineries and Others 26

2.4.1         Shandong Independent Refineries 26

2.4.1.1     Shengli crude refining margins rise on higher product prices- Feb.25_ 26

2.4.1.2     Shengli crude refining margins drop on lower product prices- Feb.11_ 26

2.4.1.3     Shengli crude refining margins rise to 29-month high in Shandong- Feb.4_ 27

2.4.1.4     Shengli crude refining losses deepen in Shandong- Jan.21_ 27

2.4.1.5     Shandong’s commercial crude stocks 27

2.4.1.6     Run rates at Shandong independents refineries 28

2.4.2         Guangdong Independent Refineries 28

2.4.2.1     Run rates at Guangdong minor refineries 28

2.4.3         Refinery Turnarounds 29

3.     Policy, Regulation & Law_ 29

3.1       China allows local refineries to import crude oil, conditionally_ 29

3.2       China publishes policy on development of biodiesel industry_ 30

3.3       China may raise fuel prices by CNY280/mt on Feb.10_ 31

3.4       China to set commercial crude oil reserve inventory_ 31

4.     China Import & Export 32

4.1       China’s fuel oil imports expected to rise 7% in February_ 32

4.2       S China’s fuel oil imports expected to swell in February_ 32

4.3       China’s crude imports drop 7.87% in January’15_ 33

4.4       China’s crude exports drop for five consecutive years 33

4.5       China’s fuel oil imports may plunge 43% in January_ 33

4.6       China’s gasoil exports rise 43.7% in 2014_ 34

4.7       China’s gasoil exports by processing trade surge 64% in 2014_ 34

4.8       DATA: Oil Products Import & Export in China in Dec’2014_ 35

5.     Appendix – Oil Products Import And Exportsorted by province__ 36

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