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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-Dec’2012
[Wednesday, Jan. 30, 2013] PRINT EMAIL FAV PDF



Review of China Refining Market in Dec 2012


News Spot:


China will implement a stricter policy for the levy of consumption taxes on petrochemical products that exist as liquid under normal temperature and atmospheric pressure from Jan 1 2013.


Consumption taxes may be imposed on such products as C5, mixed aromatics, heavy aromatics, off-spec gasoline and off-spec diesel, most of which are mixtures and there no national or industrial standards for them.


Crude Refining:


Sinopec and PetroChina plan to process a total of about 32.5-mil mt of crude in Dec, with daily throughput up by 1.27% month on month to 1.05-mil mt.


Sinopec’s crude throughput has been set at 19.9-20-mil mt for Dec, with the daily throughput at around 645,000mt, a rise of 2.2%.


PetroChina is scheduled to process 12.5-12.6-mil mt of crude and its daily throughput is largely flat at roughly 404,000mt. The company has not scheduled any refinery maintenance for Dec.




China’s crude throughput set a new high of 41.61-mil mt in Nov, up by 9% year on year, according to data released by the National Bureau of Statistics. Meanwhile, China’s crude production dropped by 3% month on month to 17.39-mil mt. China commercial crude inventories at the end of Nov declined by 1% from a month earlier.




China Refining Monthly Report-Dec’2012. 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 China’s Jan-Oct Refinery Sector Investment Up 18% To $21 Bil On Year 5

1.1.2 Sinopec, CNPC End Nov Oil Product Stocks In China’s 13 Grain Provinces Rise On Month. 5

1.1.3 Table-China’s Nov Implied Oil Demand Up 9.3% On Yr To Record High. 5

1.1.4 China May Open Crude Futures To Foreign Investors. 6

1.1.5 Major Chinese Refineries’ Run Rates Rise To 87.8% On Dec 20. 7

1.1.6 China’s end-Nov crude stocks down 1 pct on mth. 7

1.1.7 Chinese Private Oil Product Stocks Stable At 120,000mt In Mid-Dec. 8

1.1.8 Chinese Private Oil Product Stocks Grow 3.4% In Second Half Of Nov. 8

1.1.9 Sinopec, PetroChina Up Daily Crude Throughput By 1.27% In Dec. 8

1.1.10 China’s Oil Product Stocks Rise 4.13%.. 8

1.1.11 China’s Nov Refinery Runs Surge 9.1 Pct On Yr To Record High. 8

1.1.12 Saudi Aramco Begins Talks For Product Sales From Fujian Petchems Complex. 9

1.1.13 Chinese Oil Demand Projected To Grow 3.4% In 2013. 9

1.1.14 Higher Chinese Refinery Runs To Support Asia Crude. 9

1.2 Fuel Oil 10

1.2.1 Consumption Taxes On Bituminous Feedstock To Cut Bunker Margins. 10

1.2.2 Beijing Petroleum Exchange Starts Spot Fuel Oil Trade. 10

1.2.3 Domestic Fuel Oil Freight Rises On Stronger Demand, Higher Costs. 10

1.2.4 Sinopec Zhoushan Starts Supplying Bonded Bunker Fuel To Wenzhou. 11

1.2.5 Domestic Bunker Blending Margins Rise On Higher Product Prices. 11

1.3 Gasoline  11

1.3.1 China Oil Supply Declines; Gasoline Rises Most In Two Years. 11

1.3.2 NE China Still Largest Gasoline Producer In Oct. 12

1.4 Jet Fuel 12

1.4.1 Major Chinese Refiners’ Jet Fuel, Gasoline Prices Still Relatively High In Dec. 12

1.5 Diesel 12

1.5.1 China’s Diesel Output Rises 3.5% In Oct. 12

1.5.2 China Diesel Retail Still Sluggish In First Half Of Dec. 12

1.5.3 Diesel Supply Tight In Southwest China. 13

1.5.4 Sinopec To Move Diesel From S China To Yunnan On Tight Supply. 13

1.5.5 Chinese Domestic diesel prices may drop on weaker demand in Dec. 13

1.5.6 China’s WEPEC Sells Jan Diesel To PetroChina Via Private Negotiations. 14

1.6 LPG  14

1.6.1 China’s LPG Apparent Consumption Rises 1.87% In Jan-Oct. 14

1.6.2 SHV Gas (China) Plans To Sell LPG Assets In Guangzhou. 14

1.6.3 BP To Sell Last LPG Assets In China. 14

1.6.4 Chinese LPG Distributors Reduce Stocks On Weak Market Fundamentals. 15

1.6.5 Sinopec Holds Conferences With Major Customers On Unified LPG Sales. 15

1.7 Naphtha  15

1.7.1 PetroChina Cuts Dec Naphtha Ex-Refinery Price By 2.54%.. 15

1.7.2 Sinopec Cuts Dec Naphtha Ex-Refinery Prices By 2.4-2.7%.. 15

1.8 Other Petrochemical 16

1.8.1 Fushun Mining Raises Shale Oil Price By 2.22%.. 16

1.8.2 Run Rates Of Chinese Domestic Aromatization Units Plunge To 44.16% ON Dec 10. 16

1.8.3 Chinese Phthalic Anhdride’s Discount To Feedstock OX At Widest In 15 Months. 16

1.8.4 China’s Indonesia-Led Bauxite Supply Fears Ease As Cargoes Return: Sources. 16

1.8.5 East China’s MX Inventory Falls To 20,000mt on Nov 23, A 44-Month Low.. 17

1.8.6 China’s PEIC Raises Butadiene Prices By 3% To To Yuan 11,310/Mt. 17

1.8.7 PetroChina Sold 40,000mt Of 380-Centistoke High-Sulfur Fuel Oil 18

1.8.8 China’s Polymer Market Faces Years Of Slow Growth. 18

1.8.9 OUTLOOK ’13: China PE, PP Trades May Regain Pace In End Jan. 19

1.8.10 China Domestic PO Market To Soften As Demand Turns Weak. 19

1.9 China Oil Tank and Transportation. 20

1.9.1 Sinochem Nantong To Start Up 210,000 Cbm Tanks In Mar 2013. 20

1.9.2 Huayue To Build 1m Cbm Oil Tank Farm In Late 2013 Or Early 2014. 20

1.10 China Refining & Petrochemical Construction. 20

1.10.1 CNOOC To Trial Hainan DCC Plant In Jul’13. 20

1.10.2 Sinopec Maoming Starts Up New CDU. 21

1.10.3 China, Russia Discuss Terms For Joint Refinery, Petrochemical Plant In Tianjin. 21

1.11 China Oil Supply-Demand Overview in Nov’2012. 22

Jan-Nov’2012 China crude runs & oil products production:. 22

Nov’2012 China crude runs & oil products production:. 22

China’s Crude Throughput & oil Products Yield Rate in Jan-Nov’2012 (Unit: mil mt):. 23

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$/6.29/113% or /117%.. 24

Curve 2: Gasoline/Gas Oil Vs LPG prices in E. China over the past 3 months: US$/6.29/113% or /117%.. 24

2      Major Refineries. 25

2. 1    Sinopec  25

2.1.1 North China - Sinopec Tianjin To Refine 4% Less Crude In Dec. 25

2.1.2 Central China - Sinopec Wuhan To Start Up 800,000mt/Year Cracker In Early 2013. 25

2.1.3 East China - Sinopec Shanghai To Refine 23.7% More Crude In Dec. 25

2.1.4 East China – Sinopec Shanghai Refining Capacity Hits 16–Mil Mt. 25

2.1.5 South China - Sinopec Hainan Refining & Chemical To Refine 2% Less Crude In Dec. 26

2. 2 CNPC (PetroChina). 26

2.2.1 Northeast China - PetroChina Daqing Refining & Chemical Up Dec Crude Run By 5%.. 26

2.2.2 Northeast China - WEPEC’s Daily Crude Throughput To Remain Stable In Dec. 26

2.2.3 Northeast China - PetroChina Dalian To Maintain Stable Crude Run In Dec. 26

2.2.4 Northeast China - PetroChina Cuts Dec Daqing, Jidong Crude Prices By 2.5%.. 26

2.2.5 Northeast China - PetroChina Fushun To Maintain Stable Throughput In Dec. 27

2.2.6 South China - PetroChina Guangxi Petrochemical To Cut Dec Throughput By 1.9%.. 27

2.2.7 South China - PetroChina Guangxi To Cut Throughput By 17% In 2013. 27

2.3 CNOOC  27

2.3.1 South China - CNOOC To Cut Dec Throughput At Huizhou Refinery By 2.2%.. 27

2.4 Independent Refineries. 28

2.4.1 Shandong Independent Refineries. 28

2.4.2 Minor Refineries In Guangdong. 31

2.5 Refinery Turnarounds. 31

3      Policy, Regulation & Law.. 32

3.1 China To Impose Stricter Consumption Tax Policy For Petrochemicals. 32

3.2 New China Tax On MTBE, Aromatics To Raise Blended Gasoline Costs. 32

3.3 China To Maintain Low Oil Product Import Tariffs In 2013. 34

3.4 China To Keep Crude Export Tariffs At 5% In 2013. 34

3.5 Major Power Transmission Line To Complete Early. 34

3.6 China Sets Natural Gas Development Targets. 34

4      China Oil Products Import & Export. 35

4.1 China’s Nov Crude Imports Still Above 23-mil mt. 35

4.2 Chemchina Entry Marks Cosmetic Reform To China Oil Market. 35

4.3 China Cuts Iran Oil Imports Before Sanctions Waiver Extended. 36

4.3 Qingdao Records Largest Crude Imports In Jan-Oct. 37

4.4 China’s Diesel Exports Drop 15% In Oct. 37

4.5 China’s Gasoline Exports Down 22% In Oct. 37

4.6 China Boosts Oct Fuel Oil Imports From Indonesia Sharply. 37

4.7 China’s Oct Diesel Imports Almost All From Japan. 37

4.8 China’s LPG Imports Down Further By 11% In Oct. 38

4.9 Chinese Crude Import Change Not To Affect Us Fuel Oil 38

4.10 PetroChina Jinzhou To Export 60,000mt Gasoline In Dec. 38

4.11 Diesel Export Margins In The Pearl River Delta Drop On Price Cuts In Singapore. 39

4.12 PetroChina To Maintain Stable Gasoline Exports In Dec. 39

4.13 China’s Zhenrong To Maintain Iran Oil Imports For 2013. 39

4.14 China Seen Raising Saudi Oil Imports 11 Pct In 2013. 40

4.15 China Oct Imports Of Most Petrochemicals Fall From Sept. 40

4.16 OIL DATA: Oil Products Imports & Exports in China in Oct’2012. 42

5      Jan-Nov’2012 China Data. 43

5.1      Nov’2012 Crude Oil Production in China      Unit: KMt. 43

5.2      Nov‘2012 China Refineries on Crude Throughput      Unit: KMt. 44

5.3      Nov’2012 China Refineries on Gasoline/Diesel production   Unit: KMt. 45

5.4      Nov’2012 China Refineries on Kerosene & Fuel Oil production   Unit: KMt. 46

5.5      Nov’2012 China Refineries on LPG & Asphalt production      Unit: KMt. 47

5.6   Nov’2012 China Refineries on Lubricating Grease & Solvent Naphtha production      Unit: KMt. 48

5.7      Nov’2012 China Refineries on Naphtha & Petroleum Coke production      Unit: KMt. 49

5.8 Nov ‘2012 China Refineries on Ethylene & Pure benzene production      Unit: KMt. 50




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