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2017-2018 China Independent Refinery Annual Report

Annual Report Overview

Highlights

Independent refineries, as important participants in China’s refined oil market, continued developing quickly in 2017. On the supply side, the crude-import quotas of China’s independent refineries totaled at over 100 million mt in 2017, and the operating rates of independent refineries’ atmospheric and vacuum distillation units improved continuously. Accordingly, China’s refined oil output increased year-on-year. On the demand side, China’s demand for gasoline and diesel was weighed down by new energy vehicles, shared bikes and environmental protection inspections. In the meantime, China’s independent refineries had some other difficulties in 2017. The independent refineries were not allowed to export refined oil in 2017. Sinopec and PetroChina launched the retail price war. The wholesale market competition became fiercer. The cross-regional arbitrage shrank sharply. Accordingly, the independent refineries were active to promote their retail network construction and extend their industry chains. Generally, China’s independent refineries had fine margins in 2017, backed by low crude oil prices.

In 2018, China will continue speeding up the oil quality upgrade, which will support the development of independent refineries’ catalytic reforming units, alkylation units and isomerization units. Meanwhile, the market supply of GB VI standard gasoline and diesel will increase. Some independent refineries will have lower feedstock transportation costs, with the construction of supporting facilities, such as crude oil pipelines. In addition, the independent refineries are extending their industry chains and promoting the enterprise transformation. But China’s oversupply of gasoline and diesel will be intensified in 2018, due to the start of some big refining and chemical integration projects. At the same time, there is no confirmed news whether independent refineries will not be allowed to export refined oil in 2018. How will China’s independent refineries deal with such bearish factors in China’s refined oil market? Will the independent refineries’ profit model be changed, with severer environmental protection inspections and tax examinations?

This report is mainly based on the primary data that SCI collects through researches, visits, consulting, etc. In addition, SCI also extracts and process the authoritative data which are issued by National Development and Reform Commission, National Bureau of Statistics, Ministry of Commerce and General Administration of Customs. SCI gathers and analyzes information from refineries, oil traders and gas stations, in order to provide an authentic and comprehensive report on China’s independent refineries.

Contents

Part 1 Methodology and Related Definition

1.1 Methodology and Definition

1.1.1 Report Reliability and Statement

1.1.2 Data Interpretation and Annotation

1.2 Definition and Abbreviation

Part 2 China Refined Oil Market Overview

Part 3 China Independent Oil Refining Industry Focus and Changes

3.1 China Crude Oil Import Dependence Degree and Crude Oil Import Volume Statistics

3.1.1 China Crude Oil Import Volume Changes

3.1.2 Independent Refineries’ Imported Crude oil Quotas

3.2 China Refined Oil Quality Upgrade

3.2.1 China Present Refined Oil Quality Standard

3.2.2 China Future Refined Oil Quality Upgrade Trend

3.3 Independent Refineries Changing China Refined Oil Market

Part 4 China Independent Refineries’ Feedstock Supply-Demand Pattern Analysis

4.1 China Independent Refineries’ Primary Feedstock Supply Structure

4.1.1 China Independent Refineries’ Primary Feedstock Structure and Changes Trend

4.1.2 China Independent Refineries’ Feedstock Import Mode and Main Suppliers

4.1.3 Independent and State-owned Refineries’ Main Feedstock Quality Comparison

4.2 Shandong Independent Refineries’ Secondary Feedstock Supply Status

Part 5 China Independent Refineries’ Refined Oil Market Supply-Demand Pattern Analysis

5.1 China Independent Refineries’ Oil Refining Capacity and Refined Oil Output

5.1.1 China Independent Refineries’ Oil Refining Capacity and Operating Rates Statistics

5.1.2 China Independent Refineries’ Refined Oil Supply Volume Statistics and Changes Trend

5.1.3 China Independent Refineries’ Refined Oil Stocks Statistics and Changes Analysis

5.2 China Independent Refineries’ Refined Oil Demand Structure Analysis

5.2.1 Independent Refineries’ Refined Oil Clients Structure and Marketing Mode

5.2.2 Independent Refineries’ Refined Oil Sales Region and Transportation Mode

5.3 China Independent Refineries’ Oil Refining Margins

5.3.1 Independent Refineries’ Medium Sweet Oil Refining Margins

5.3.2 Independent Refineries’ Reforming Units Margins

5.3.3 Reasons for Independent Refineries’ Positive Margins

Part 6 China Independent Refineries’ Future Development Forecast

6.1 China Independent Refineries’ Refined Oil Supply-Demand Balance Forecast

6.2 Feedstock Supply Pattern Forecast

6.3 Oil Products Quality Upgrade Trend and Independent Refineries’ Units Development Direction

6.4 Independent Refineries’ Opportunities and Risks

Part 7 State-owned Refineries’ Present Status

7.1 China State-owned Refineries’ Units Operation Status Analysis

7.2 China State-owned Refineries’ Marketing Channel Changes Analysis

7.3 China State-owned Refineries Market Competitiveness Analysis

7.4 China Independent Refineries’ Capacity Development Trend Analysis

Appendix

Charts and Tables

Legal Statement

Related Annual Reports

2017–2018 China Oil Refining Industry Annual Report

2017–2018 China Crude Oil Market Annual Report

2017–2018 China Refined Oil Market Annual Report

2017–2018 China Naphtha Market Annual Report

2017–2018 China BTX Aromatics Market Annual Report

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