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2017-2018 China Oil Refining Industry Annual Report

Annual Report Overview

Highlights

Fierce competition extended in China’s oil refining industry in 2017. The average operating rate of independent refineries increased greatly, backed by the crude import quotas. In the meantime, China’s demand for refined oil improved limitedly, while the capacity increase at independent refineries weighed on state-owned refineries. The average operating rate of Sinopec and PetroChina dropped in 2017. Beijing put a brake on independent refineries’ crude import accreditation in May, but this didn’t impact the evolution of China’s oil refining industry. The independent refineries’ feedstock costs are expected to decrease further, with the construction of oil pipelines in Shandong.

China’s oil refining capacity will increase greatly, as some independent refineries are building big oil refining projects, including Hengli Petrochemical, CNOOC Zhoushan Petrochemical and Shenghong Petrochemical. Therefore, China’s oil refining industry will face severer overcapacity. On national policies, there is a possibility that small and outdated oil refining units will be eliminated, just as the reform in the coal industry and the steel industry. This will support the big independent refineries. In 2018, international crude oil prices will still hover at low levels, and the fierce competition on the retail of refined oil will create both opportunities and challenges for state-owned refineries and independent refineries.

SCI has around 20 analysts focusing on the oil refining industry, and this is the biggest oil refining industry analyst team in China. SCI has accumulated abundant primary data on the oil refining industry, based regular investigations and interviews. In the meantime, SCI also analyzes the authoritative data which are issued by National Development and Reform Commission, National Bureau of Statistics, Ministry of Commerce and General Administration of Customs, together with information from mainstream producers, traders and downstream enterprises, in order to provide an authentic and reliable report on China’s oil refining industry.

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

1.3 Statement of Prediction Model

Part 2 China Oil Refining Industry Features and Trend Analysis

Part 3 China Energy and Crude Oil Consumption Pattern Analysis

3.1 China Energy Consumption Pattern Analysis

3.2 China Crude Oil Consumption Pattern Analysis

3.2.1 2017 China Crude Oil Supply-Demand Structure Analysis

3.2.2 China Crude Oil Supply-Demand Balance Forecast

Part 4 China Crude Oil Supply-Demand Pattern Analysis and Forecast

4.1 China Crude Oil Supply Volume Changes and Analysis

4.2 China Crude Oil Demand Volume Changes and Analysis

4.3 China Crude Oil Import & Export Volume Changes and Analysis

4.4 China Crude Oil Supply-Demand Balance and Import Dependence Degree Changes and Analysis

4.5 2018-2022 China Crude Oil Supply-Demand Pattern Forecast

Part 5 China Oil Refining Industry Present Status Analysis

5.1 China Oil Refining Capacity Overview

5.2 China State-owned Refineries’ Capacity Analysis

5.2.1 2017 China State-owned Refineries’ Capacity Statistics

5.2.2 2016-2017 State-owned Refineries’ Capacity and Distribution Comparison

5.3 China Independent Refineries’ Capacity Analysis

5.3.1 Independent Refineries’ Capacity and Operating Rate Analysis

5.3.2 Independent Refineries’ Margins Analysis

Part 6 2013-2017 China Main Oil Products Market Review

6.1 Gasoline Market

6.1.1 Gasoline Market Supply-Demand Balance Analysis

6.1.2 Gasoline Market Review

6.2 Diesel Market

6.2.1 Diesel Market Supply-Demand Balance Analysis

6.2.2 Diesel Market Review

6.3 Gasoline and Diesel Retail Market Review and Analysis

6.4 Naphtha Market

6.4.1 Naphtha Market Supply-Demand Balance Analysis

6.4.2 2017 State-owned Refineries’ Naphtha Price Analysis

6.4.3 2017 Shandong Independent Refineries’ Naphtha Price Analysis

6.5 Kerosene and Jet Fuel Market

6.5.1 China Kerosene Supply-Demand Balance Analysis

6.5.2 Jet Fuel Market Review

6.6 Fuel Oil Market Review

Part 7 Main Oil Products Market Supply & Demand Forecast

7.1 Gasoline Supply & Demand Forecast

7.1.1 2018-2022 China Gasoline Supply & Demand Forecast

7.1.2 2018-2022 China Gasoline Downstream Consumption Structure Forecast

7.2 Naphtha Supply & Demand Forecast

7.2.1 2018-2022 China Naphtha Supply & Demand Forecast

7.2.2 2018-2022 China Naphtha Downstream Consumption Structure Forecast

7.3 Diesel Supply & Demand Forecast

7.3.1 2018-2022 China Diesel Supply & Demand Forecast

7.3.2 2018-2022 China Diesel Downstream Consumption Structure Forecast

7.4 Kerosene Supply & Demand Forecast

7.4.1 2018-2022 China Kerosene Supply & Demand Forecast

7.4.2 2018-2022 China Kerosene Downstream Consumption Structure Forecast

7.5 Fuel Oil Supply & Demand Forecast

Part 8 2013-2017 Oil Products Market Value Chain Analysis

8.1 International Crude Oil Trend Analysis

8.2 Macro Environment’s Influences and Interpretation

8.3 Industry Policies Analysis

8.4 Refined Oil Trading and Arbitrage Analysis

8.4.1 2017 Refined Oil Import & Export Arbitrage Analysis

8.4.2 Gasoline Trading Market Arbitrage Analysis

8.4.3 Diesel Trading Market Arbitrage Analysis

8.5 Fuel Oil Trading and Arbitrage Analysis

8.6 Blended Refined Oil Costs and Margins Analysis

8.6.1 Blended Gasoline Market Analysis

8.6.2 Blended Diesel Market Analysis

Part 9 2017 Oil Refining Industry Big Events

9.1 Independent Refineries’ Chemical Investment

9.2 Refined Oil Retail Price War

9.3 Consumption Tax

9.4 Crude Oil Futures

Part 10 China Crude Oil Logistics and Infrastructure

10.1 Crude Oil Storage, Wharf and Pipeline Development Analysis and Forecast

10.2 Refined Oil Wharf and Pipeline Development Analysis and Forecast

10.3 Fuel Oil Wharf and Storage Development Analysis and Forecast

Appendix

Charts and Tables

Legal Statement

Related Annual Reports

2017–2018 China Crude Oil Market Annual Report

2017–2018 China Independent Refinery Refined Oil Market Annual Report

2017–2018 China Naphtha Market Annual Report

2017–2018 China BTX Aromatics Market Annual Report

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