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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-Mar’2013
[Monday, Apr. 1, 2013] PRINT EMAIL FAV PDF




Review of China Refining Market in Mar 2013


News Spot:


China’s top economic planner said on Mar 6 the country is studying a new fuel pricing scheme to make it reflect the global markets’ oil price fluctuations more swiftly. NDRC spotted two major defects in the current oil product pricing mechanism, referring to the 22-working-day cycle and a 4-percent fluctuation in global oil prices as an adjustment flip-flop.


China’s electricity consumption shrank 12.5% year on year in Feb, the National Energy Administration said on Mar 14.


China may cut diesel and gasoline retail ceilings on Mar 27 as international crude prices have been declining and the conditions for price cuts will probably have been met then.


Crude Refining:


China’s crude processing fell to the lowest level in four months in Feb as the nation celebrated the week-long Lunar new year holiday.


Daily oil-refining volumes in China dropped to 9.9 million barrels a day in Feb, according to figures from the China Federation of Logistics and Purchasing. That’s the lowest since Oct. Jan processing was at about 10.1 million..




China’s Jan crude-oil imports totaled 25.15-mil mt, equivalent to 5.95 million barrels a day, up 7.4% from a year earlier. China’s Iranian crude imports in Jan were down 36.9% on year. By comparison, China’s full-year imports of Iranian crude in 2012 were down 21.0% on year.


Note: Since the National Bureau of Statistics did not release the monthly production data for oil products and the Jan-Feb’2013 production data for naphtha and LPG, SZ China Refining Monthly Report-Mar’2013 will also stop releasing the related tables. We are sorry for the inconvenience we have caused to our subscribers.


China Refining Monthly Report-Mar’2013. 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 aims for stable crude production capacity in 2011-2015. 5

1.1.2 China End-Jan Commercial Crude Oil Stocks Down 1% on Month. 5

1.1.3 China to Produce Abroad 3 Million Barrels of Oil A Day by 2015. 5

1.1.4 Retail fuel prices jump for the first time this year on Feb 24 and may decrease on Mar 27. 5

1.1.5 China Oil Data Show Jan Crude Runs 38.13 Mln mt, Up 5.3% on Year - NDRC. 6

1.1.6 IEA adjusts measure of China’s oil demand. 7

1.1.7 China Oil Demand Slows but Remains Fourth Highest in Feb. 7

1.1.8 China’s Daily Oil Refining Falls to Four-Month Low in Feb. 8

1.1.9 China eyes post-Chavez oil axis. 8

1.1.10 Chinese success in Libya’s oil sector. 10

1.1.11 China 2012 energy and chemicals figures. 11

1.1.12 CNPC to produce cleaner fuel 11

1.1.13 PetroChina Profit Misses Estimates on Higher Refining Costs. 12

1.1.14 Oil demand hit by China refinery outages. 12

1.2 Fuel Oil 13

1.2.1 Fuel Oil Shipments to China Fell in Feb. 13

1.2.2 Fuel oil stocks in China eastern coast rises 1.5%... 13

1.2.3 China domestic fuel oil freight drops on weak shipping demand. 14

1.2.4 South China fuel oil supply expected to fall 26% in Mar. 14

1.3 Gasoline  14

1.3.1 Gasoline retail sales slightly rise on good weather – 1H Mar. 14

1.4 Jet Fuel 14

1.4.1 Domestic jet fuel prices increase in Mar. 14

1.4.2 PetroChina raises jet fuel price by 4.8% in Mar. 14

1.5 Diesel 15

1.5.1 Pertamina to supply diesel for CNOOC SE Sumatra offshore block. 15

1.5.2 China’s diesel output falls 0.5% in Jan-Feb. 16

1.5.3 Diesel import margins turn positive on lower costs. 16

1.5.4 Private diesel stocks surge on expectation of growing demand. 16

1.5.5 End-user demand for diesel likely to grow in Mar. 16

1.6 LPG   16

1.6.1 Hong Kong liquefied petroleum gas prices to fall in Aug. 16

1.6.2 China LPG prices rise on less supply. 17

1.6.3 Imported LPG may damp domestic prices in south China. 17

1.6.4 China Merchants Gas sells LPG terminal in Yangzhou. 17

1.7 Naphtha  17

1.7.1 Naphtha cargoes fetch record high premium.. 17

1.7.2 Sinopec raises Mar naphtha ex-refinery prices by Yuan 340/mt 18

1.7.3 PetroChina raises Mar naphtha ex-refinery price by 6%... 18

1.8 Others  18

1.8.1 China Jan polypropylene homopolymer imports up 2.7% from Dec to 385,957mt 18

1.8.2 China’s Growing Methanol Economy. 18

1.8.3 Hong Kong environment department to submit bill for ships to switch to low sulfur fuel 19

1.8.4 China’s Feb 2013 ABS imports of 87,283mt lowest since Feb 1999. 19

1.8.5 Sinopec cuts butadiene price in East China by 5.4% to Yuan 14,000/mt 20

1.8.6 Sinopec cuts E China ex-works benzene price by 3% to Yuan 9,700/mt 20

1.9 China Oil Tank And Transportation. 20

1.9.1 Kazakhstan looking to pipe more crude oil to China. 20

1.9.2 PetroChina completes 200,800 b/d crude pipeline linking northwest, Sichuan refinery. 20

1.9.3 Lanzhou-Chengdu Crude Pipeline completed. 21

1.9.4 Vopak Plans to Bring Tianjin LPG Storage Facility On-stream in Q3 2013. 21

1.9.5 PetroChina lays pipeline for China’s 1st refinery in southwest 21

1.10 China Refining & Petrochemical Construction. 22

1.10.1 Wison Engineering completes six projects of Petrochina’s refinery, petrochemical complex. 22

1.10.2 Sinopec, SK to build petrochemical facility in SW China. 22

1.10.3 Heilongjiang Oil Products Company Signed a Strategic Cooperation Framework Agreement 22

1.10.4 Petrobras in talks with Sinopec to develop Brazil refineries. 23

1.11 China Oil Supply-Demand Overview in Jan-Feb’2013. 23

Jan-Feb’2013 China crude runs & oil products production:. 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$/6.27/113% or /117%.. 24

Curve 2: Gasoline/Gas Oil Vs LPG prices in E. China over the past 3 months: US$/6.27/113% or /117%.. 24

2      Major Refineries. 25

2. 1    Sinopec  25

2.1.1 South China –Sinopec Hainan refinery’s crude throughput to drop 30% on RFCC maintenance. 25

2.1.2 South China - Sinopec Hainan Refining & Chemical to start 50-day turnaround in Jul 25

2.1.3 South China –Sinopec Hainan Refining & Chemical cuts crude throughput by 13.6% in Mar. 25

2.1.4 South China - Sinopec Guangzhou to shut CDU for turnaround in mid-Apr. 25

2.1.5 South China - Sinopec Maoming to use more Iran oil in 2013. 25

2.1.6 North China –Sinopec Yanshan to begin turnaround on Apr 20. 26

2.1.7 North China - Sinopec Jinan Refinery to start 45-day turnaround on Mar 5. 26

2.1.8 Central China - Sinopec Wuhan’s crude throughput to grow 3.5% in Mar. 27

2.1.9 Central China - Sinopec Changling to lift crude throughput by 1.4% in Mar. 27

2. 2 CNPC (PetroChina). 27

2.2.1 Northeast China –PetroChina Jinxi to start turnaround from early Sept 27

2.2.2 Northeast China –PetroChina raises Mar Daqing, Jidong crude prices by 3.4%... 27

2.2.3 Northeast China - PetroChina WEPEC to export three cargoes of naphtha in Mar. 27

2.2.4 Northeast China – PetroChina Liaoyang may delay turnaround until third quarter. 28

2.2.5 South China – PetroChina Guangxi to start two-month turnaround in Mar. 28

2.3 CNOOC  28

2.3.1 South China - CNOOC to raise Mar throughput at Huizhou refinery by 2%... 28

2.4 Independent Refineries. 28

2.4.1 Shandong Independent Refineries. 28

2.4.2 Feb run rate at China’s Shandong refineries falls to 41% on weak sales, turnarounds. 30

2.5 Refinery Turnarounds. 31

3      Policy, Regulation & Law.. 32

3.1 China to reform gasoline pricing mechanism.. 32

3.2 China’s power consumption drops in Feb. 32

3.3 China to boost coalbed gas sector. 32

3.4 China targets 20% growth in installed nuke power capacity. 33

3.5 China’s planned crude futures contract may see overseas players. 33

3.6 China appoints oil firm chairman to reform state assets. 34

3.7 China to restructure NEA, integrate electricity commission. 34

3.8 China’s natural gas drive may cut oil demand by a tenth. 34

4      China Oil Products Import & Export. 36

4.1 China Confirms Jan Oil Data; Crude Imports up 7.4% on Year. 36

4.2 Rosneft May Raise Oil Supplies to China By 9-mil mt 36

4.3 China crude imports from Iran plunge to 10-month low.. 36

4.4 China takes oil import lead. 37

4.5 PDVSA Said to Sell 2 Million Barrels of Fuel Oil to PetroChina. 37

4.6 China Net Diesel Exports Rose in Jan to Highest in 27 Months. 38

4.7 China Gasoline Exports Rise to 11-Month High as Output Gains. 38

4.8 China asks Russia to double capacity of ESPO offshoot to 600,000 b/d. 38

4.9 ChemChina buys crude oil in Angola for “teapot” refineries. 39

4.10 Kazakhstan to transport over 1-mil mt of crude oil to China for recycling. 39

4.11 China’s fuel oil imports estimated down 17% in Feb. 39

4.12 Chinese LPG exporters seek more term exports in 2013. 40

4.13 S China’s fuel oil imports expected to fall 38% in Mar. 40

4.14 China did not export any crude in Feb to N.Korea. 40

4.15 OIL DATA: Oil Products Imports & Exports in China in Jan’2013. 41

5 Jan-Feb’2013          China Data. 42

5.1      Jan-Feb’2013 Crude Oil Production in China      Unit: KMt 42

5.2      Jan-Feb’2013 China Refineries on Gasoline/Diesel production   Unit: KMt 43

5.3 Jan-Feb’2013 China Refineries on Kerosene & Fuel Oil production   Unit: KMt 44

5.4 Jan-Feb’2013 China Refineries on Ethylene & Pure benzene production      Unit: KMt 45


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


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