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2018-2019 China Independent Refinery Annual Report

Annual Report Overview

Highlights

China’s independent refinery stressed its major role in the domestic refined oil market in 2018. On the supply side, government continued to distribute the crude oil import quota to independent refineries with the amount of over 110 million mt. The operating rates of CDU units were stable to rising and the refined oil output increased Y-O-Y. On the demand side, the demand for gasoline and diesel was dragged by the economic slowdown, alternative energy sources and air pollution control. The North China Petrochemical Company of PetroChina put the upgrade project with an annual processing capacity of 10 million mt into production in 2018. The Hengli Group and Zhejiang Petrochemical will also put a new refinery with an annual capacity of 10 million mt into production respectively in 2018. With the increased competition in refinery industry, independent refineries focused on establishing gas stations and refining-chemical integration. Independent refineries tried to extend industrial chain to oil deep processing and chemical industry in 2018, and obviously they made some progress. Besides, though the cost and product prices were increasing together, yet some major independent refineries still could make profits.

In 2019, all refined oil products must be upgraded to fit the Stage VI Emissions Standard. This required higher technology of the CDU units and other units at independent refineries. With the improvement of matched facilities, the logistics cost of several refineries will decrease. Besides, independent refineries sought cooperation positively to promote enterprise transformation and to enhance resistance to risks. However, the new refinery capacity will continue to increase so the over capacity will still be a problem. And the development of the refinery industry will also be limited due to the undetermined export of refined oil. How could China’s independent refineries handle with the more and more serious market situation? With increasingly restricted supervision on environmental protection and taxation, how will the profit model of independent refineries change?

This report is based on the first-hand data of 14 years of investigation from SCI, the authoritative data published by National Development and Reform Commission, National Bureau of Statistics, General Administration of Customs and etc., and the industry data from domestic independent refineries, traders and downstream factories. Senior industry experts will make detailed review of China’s independent refinery industry in 2018.

Report Value

1. Report includes rich details and data from SCI’s years of study in China’s independent refinery industry.

2. Report analyzes the change and trend in China’s independent refinery industry in 2018 from multiple perspectives.

3. According to the data and the industry status, report forecasts China’s independent refinery industry’s opportunities and challenges objectively.

Contents

Part 1 China Independent Refinery Refined Oil Market Overview

Part 2 China Independent Refinery Industry Hot Topics and Changes

2.1 China Crude Oil Supply Pattern Change Under the Guidance of Policies

2.1.1 China Crude Oil Import Change Analysis

2.1.2 Changes in the Supply Pattern Caused by the Decentralization of Oil Rights

2.1.3 Crude Oil Import Surge Forced Crude Oil Pipeline Construction

2.2 China Refined Oil Quality Upgrade

2.2.1 China Refined Oil Quality Upgrade Process and the Stage VI Emissions Standard

2.2.2 Independent Refinery Oil Product Upgrade Status

2.3 Large-Scale Refining Project Startup and Seven Petrochemical Industry Bases

2.4 The Effect of No.1 Announcement of the State Administration of Taxation

Part 3 China Independent Refinery Feedstock Supply-Demand Pattern Analysis

3.1 China Independent Refineries’ Primary Feedstock Structure

3.1.1 China Independent Refineries’ Primary Feedstock Structure and Changes Trend

3.1.2 China Independent Refineries’ Feedstock Import Mode and Main Suppliers

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

3.2 Independent Refineries’ Secondary Feedstock Supply Status

Part 4 China Independent Refinery Refined Oil Supply Pattern

4.1 Independent Refinery Capacity and Units Operating Loads Analysis

4.2 Independent Refinery Refined Oil Supply Volume Statistics and Change

4.3 China Independent Refinery Refined Oil Inventory Statistics and Change

Part 5 China Independent Refinery Refined Oil Demand Pattern

5.1 Independent Refinery Clients Structure and Marketing Mode

5.2 Independent Refinery Sales Region and Transportation Mode

Part 6 China Independent Refinery Oil Refining Margins

6.1 Independent Refinery Low-Sulfur Medium Crude Oil Refining Margins

6.2 Independent Refinery Reforming Units Margins

6.3 Independent Refinery DCU Margins

Part 7 China Independent Refinery Development Forecast

7.1 China Independent Refinery Feedstock Supply Pattern Forecast

7.2 Independent Refinery Refined Oil Supply-Demand Balance Forecast

7.3 Oil Products Quality Upgrade Trend and Independent Refinery Units Development Direction

7.4 Independent Refinery Opportunities and Risks

Part 8 China State-owned Refinery Present Status

8.1 China State-owned Refinery Capacity Statistics

8.2 China State-owned Refinery Refining Units Operation Status Analysis

8.3 China State-owned Refinery Marketing Channel Changes Analysis

8.4 China State-owned Refinery Market Competitiveness Analysis

Appendix 1 Methodology and Related Definition

1. Data and Calculation Methodology

2. Forecasting Model Interpretation

3. Definition and Abbreviation

Appendix 2 Tables and Charts

Related Product Annual Report

2018-2019 China Refined Oil Market Annual Report

2018-2019 China Naphtha Market Annual Report

2018-2019 China Mixed Aromatics Market Annual Report

2018-2019 International Crude Oil Market Annual Report

2018-2019 China Crude Oil Market Annual Report

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