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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-Oct’2013
[Tuesday, Oct. 29, 2013] PRINT EMAIL FAV PDF



Review of China Refining Market in Oct 2013


News Spot:

The China (Shanghai) Pilot Free Trade zone officially opened for business, and officials have outlined ambitious plans for bold reforms in the country’s currency, interest rates, trade and industry policies in the zone, but without giving details on implementation.


The main business income of China’s petrochemical industry grew by 9.9% to 6.6 trillion yuan (US$1.1 trillion) in the first seven months of the year. The industry’s net profit totaled 221 billion yuan (US$36.1 bln), up 43% year on year, or 45 billion yuan (US$7.3 bln). The NDRC attributed the profit surge to refining businesses having turned losses into a profit in the Jan-Jul period.


Crude Refining:

Chinese refineries are expected to refine a combined 40.0-41.0-mil mt of crude and fuel oil in Oct, with daily throughput up by 1.2% from the previous month.


The total crude throughput of Sinopec and PetroChina is expected to rise by 0.52% on a daily basis in Oct to 1.03-mil mt/day, still at a low level of the year.



China refined a total of 317-mil mt of crude in Jan-Aug 2013, up by 4.7% from the corresponding period last year.


The rise was largely due to expanded refining capacities at major refineries like Maoming Petrochemical, Shanghai Petrochemical and Jinling Petrochemical since the fourth quarter of 2012.

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


China Refining Monthly Report-Oct’2013. 1

Please see ’’’’ for more detailed information about China oil, gas & petrochemical industry. 3

1 China Refining Topic News 5

1.1 Market Overview: 5

1.1.1 Chinese refinery daily throughput expected to rise 1.2% in Oct 5

1.1.2 China makes no adjustment in fuel prices on Oct 17. 5

1.1.3 China’s Sept crude imports rise to year’s second high. 6

1.1.4 Chinese Private wholesalers’ oil product stocks drop further by 6.1%.. 6

1.1.5 SHFE aims to launch crude futures at Shanghai FTZ. 6

1.1.6 China’s crude imports boosted by Mideast, Caspian region. 7

1.1.7 China Oil Demand Rose 5.3% in August versus a Year Ago. 7

1.1.8 Petrochemical income in China up 9.9% in H1-2013. 8

1.1.9 China abandons downstream investments on poor returns. 8

1.1.10 China’s Sep light distillates output rises while diesel, fuel oil contract 9

1.1.11 Sinopec to spend $5 billion on cleaner fuel upgrades annually. 10

1.1.12 Western China to be focus of petrochemical sector 10

1.1.13 Sinopec raises butadiene prices in eastern, northern China by 5%.. 10

1.2 Fuel Oil 11

1.2.1 Fuel oil stocks in China eastern coast rise 5.8% - Oct 16. 11

1.2.2 Fuel oil stocks in China eastern coast fall 7% - Oct 10. 11

1.2.3 S China Internal-trade fuel oil freight stable in early Oct 11

1.2.4 China Fuel oil apparent consumption up 10.4% in first eight months. 11

1.2.5 S China fuel oil supply expected to rise 14% in Oct 11

1.3 Gasoline  12

1.3.1 China’s gasoline retail falls in first half of Oct 12

1.3.2 China Gasoline, diesel wholesale markets largely stable since holiday. 12

1.3.3 China’s gasoline output down 1.17% in Aug. 12

1.3.4 Guangdong to consume GB-IV gasoline, diesel from Oct-Nov. 12

1.4 Jet Fuel 13

1.4.1 PetroChina increases Oct jet fuel price by 1.1%.. 13

1.4.2 Sinopec raises Oct jet fuel prices by 1%.. 13

1.4.3 China cuts jet fuel supply to international flight by 75% in Aug. 13

1.5 Diesel 14

1.5.1 China End-user diesel demand grows slightly in first half of Oct 14

1.5.2 Hong Kong ranks as top buyer of Chinese diesel in Aug. 14

1.6 LPG  14

1.6.1 LPG supply from major refineries rise 7.2%.. 14

1.6.2 China propane imports to surge on new PDH projects. 14

1.7 Naphtha  16

1.7.1 China’s naphtha output rises 1.89% in Sept 16

1.7.2 PetroChina raises Oct naphtha ex-refinery price by 4%.. 16

1.7.3 Sinopec raises Sept naphtha ex-refinery prices by Yuan 290/mt 16

1.8 Others  16

1.8.1 China’s kerosene output grows 5.65% in Aug. 16

1.8.2 China PE prices hit three to four year highs in China. 17

1.8.3 Taiwanese petrochemical consortium plans to invest in petrochemical complexes in China. 17

1.8.4 China’s newly increased ethylene production capacity increased by 1.4 mln tpa in 2012. 17

1.8.5 Robust consumption and growing demand for ethylene oxide in China. 18

1.8.6 Qinghai Provincial Mining Co. selects Dow’s UNIPOL Polypropylene Process Technology. 19

1.8.7 China’s ethylene capacity to grow rapidly to reach 30 million tpa by 2017. 19

1.8.8 Wison commercializes new methanol-to-olefins technology in China. 20

1.9 China Refining & Petrochemical Construction. 20

1.9.1 Liaoning Yifang Petrochemical starts up aromatisation unit 20

1.9.2 Clariant acquires organic pigment business of Jiangsu multicolor, invests in new plant in China. 21

1.9.3 Rosneft And CNPC Agree Key Principles Of Tianjin Refinery Commissioning Schedule And Crude Oil Deliveries For Refining At Tianjin. 21

1.9.4 INEOS and Sinopec break ground on the largest phenol acetone plant in China. 22

1.10 China Oil Production Overview in Jan-Sep’2013. 23

Jan-Sep’2013 China crude runs & oil products production: 23

Sep’2013 China crude runs & oil products production: 23

China’s Crude Throughput & oil Products Yield Rate in Jan-Sep’2013 (Unit: mil mt): 24

1.11 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$/6.14/113% or /117%.. 24

Curve 2: Gasoline/Gas Oil Vs LPG prices in E. China over the past 3 months: US$/6.14/113% or /117%.. 25

2     Major Refineries 25

2. 1    Sinopec  25

2.1.1 South China –Sinopec Hainan Refining & Chemical produces GB IV diesel 25

2.1.2 South China - Sinopec Maoming to refine 67% less crude in Oct on turnaround. 25

2.1.3 Central China - Sinopec Anqing to raise daily throughput by 8.45% in Oct 26

2.1.4 Central China - Sinopec Changling to maintain stable throughput in Oct 26

2.1.5 Central China - Sinopec Wuhan to raise Oct daily throughput by 1%.. 26

2.1.6 North China - Sinopec Qilu Plant in China Sets World Record Using GE Gasification Technology. 26

2. 2 CNPC (PetroChina) 27

2.2.1 Northeast China –PetroChina Dalian cuts etherified C4 output by 20% on FCC turnaround. 27

2.2.2 Northeast China - PetroChina Jinxi to still in turnaround in first half of Oct 27

2.2.3 Northeast China - PetroChina Daqing Refining & Chemical to resume normal throughput in Oct 28

2.2.4 North China - PetroChina Hohhot to begin Euro IV gasoline production in Dec. 28

.3 CNOOC  28

2.3.1 South China –CNOOC to maintain stable throughput at Huizhou refinery in Oct 28

2.4 Independent Refineries. 28

2.4.1 Shandong Independent Refineries. 28

2.4.2 Guangdong minor refineries’ run rates drop to 14.4% - Oct 17. 30

2.4.3 FREP cuts Oct daily throughput by 35% on turnaround. 30

2.5 Refinery Turnarounds. 31

3     Policy, Regulation & Law. 31

3.1 NDRC calls for increase in gas imports. 31

3.2 China power consumption up 10.4% in Sep. 32

3.3 China, Russia to expand energy cooperation. 32

3.4 China’s NDRC starts refinery survey to monitor fuel quality upgrades. 33

3.5 Shanghai trade zone publishes restrictions for foreign investment 33

4     China Oil Products Import & Export 34

4.1 Sinopec’s oil product export quotas surge to 3.5-mil mt in Q4. 34

4.2 PetroChina cuts gasoline exports to four cargoes in Oct 35

4.3 China’s fuel oil imports expected to rise 5% in Oct 35

4.4 China leaves non-state fuel oil import quota for 2014 unchanged. 35

4.5 E China’s fuel oil imports estimated down 18% in Sept 35

4.6 Indonesia still largest buyer of Chinese gasoline in Aug. 36

4.7 Tax incentives boost Chinese biodiesel imports, replace diesel 36

4.7 OIL DATA: Oil Products Imports & Exports in China in Aug’2013. 37

5 Jan-Sep’2013          China Data. 38

5.1 Jan-Sep’2013 China Refineries on Ethylene & Pure benzene production      Unit: KMt 38


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