2019-2020 China Independent Refinery Annual Report

Highlights

In 2019, China’s oil refining industry experienced great changes. Mega refining and chemical integration projects such as Dalian Hengli Petrochemical and Zhejiang Petrochemical (Phase I) were put into operation in succession, and the independent refineries were playing an increasingly important role in the industry. In terms of supply, in 2019, China’s crude oil import quotas for independent refineries remained sufficient, and the first two batch of crude oil non-state trade quotas reached 153,100kt. The operating rates of CDUs at refineries stayed stable, and with the oil refining products produced by Dalian Hengli Petrochemical put into the market, China’s refined oil output continued increasing Y-O-Y. As for demand, the growth of China’s economy slowed down, and due to the rapid development of alternative energies and the popularization of travelling by high-speed train, the demand for gasoline and diesel was impaired. Meanwhile, the competitions among independent refineries also intensified, and with Shandong pushing up the 60 million mt/a Yulong refining and chemical complex, the capacity integration of independent refineries in Shandong speeded up.

In 2020, the competitions in China’s refined oil market will become severer. China’s independent refineries will not only improve their oil refining units but also focus on developing the downstream fine chemical industry to increase the profits. With the improvement of the supporting units such as crude oil and refined oil pipelines, the feedstock and product transport cost at some refineries will drop further. Moreover, China’s independent refineries actively seek external cooperation, promote diversified development and transformation to enhance their risk resistance. However, with the oil refining products produced by Zhejiang Petrochemical (Phase I) put into the market, the two mega refining and chemical integration projects will dramatically affect the independent refineries in Shandong, and the market shares and profits at Shandong independent refineries may decline significantly.

The overcapacity in China’s oil refining industry is becoming increasingly severe, and the exports of refined oil are still unstable. How will the competition pattern become at China’s independent refineries? How will Shandong independent refineries develop a road of transformation under the influence of market and policies? How will the profit mode change at independent refineries?

This report is based on SCI’s original data through research, visits and counsels and also composites the authoritative data from National Development and Reform Commission, National Bureau of Statistics, Ministry of Commerce, General Administration of Customs, etc. Besides, uniting with China’s participants of production, purchasing and sales departments at mega, middle and small scale independent refineries, traders and end enterprises, this report collects data from multiple sources. Moreover, this report gives a comprehensive analysis on China’s independent refineries in 2019 from different perspectives, and it provides the actual and effective data to the participants.

Report value:

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

2 Report analyzes the change and trend at China’s independent refineries in 2019 from multiple perspectives.

3 Report objectively forecasts China’s independent refineries’ future opportunities and challenges based on the data and the current industrial status.

Contents

Part 1 China Independent Refinery Refined Oil Market Overview

Part 2 China Independent Refinery Industrial Hotspot and Variation

2.1 Policy-Guided China Crude Oil Market Supply Pattern Analysis

2.1.1 China Crude Oil Import Volume Change Analysis

2.1.2 Supply Pattern Changes Led by the Release of Imported Crude Oil Using Right

2.1.3 Crude Oil Pipeline Construction Status

2.2 Influence of Dalian Hengli Petrochemical Going into Operation on Refined Oil Market

2.3 Industrial Influence of Shandong independent Refinery Integration and Yulong Refining and Chemical Complex Pushing Up

2.4 Influence of China Ethanol Gasoline Promotion on Refined Oil Market

Part 3 China Independent Refinery Feedstock Supply Pattern Analysis

3.1 Independent Refinery Primary Feedstock Supply Structure Analysis

3.1.1 Independent Refinery Primary Feedstock Processing Proportion and Change Trend Analysis

3.1.2 Independent Refinery Feedstock Import Mode and Major Supplier Statistics

3.1.3 Independent Refinery and State-Owned Refinery Major Feedstock Quality Comparison Analysis

3.2 Independent Refinery Secondary Processing Feedstock Supply Status Analysis

Part 4 China Independent Refinery Supply Pattern Analysis

4.1 Independent Refinery Oil Refining Capacity and Operation Rate Analysis

4.2 Independent Refinery Refined Oil Supply Statistics and Variation Trend

4.3 China Independent Refinery Refined Oil Inventory Statistics and Variation Analysis

Part 5 China Independent Refinery Market Demand Pattern Analysis

5.1 Independent Refinery Refined Oil User Classification and Sales Mode Analysis

5.2 Independent Refinery Refined Oil Sales Region and Transport Mode Statistics

Part 6 China Independent Refinery Comprehensive Oil Refining Profit

6.1 Independent Refinery Comprehensive Oil Refining Profit

6.2 Independent Refinery Reformer Profit

6.3 Independent Refinery Delayed Coker Profit

Part 7 China Independent Refinery Refined Oil Price Trend and Forecast

7.1 China Independent Refinery Refined Oil Price Trend Analysis

7.2 China Independent Refinery Refined Oil Price Trend Forecast

Part 8 China Independent Refinery Future Development Forecast

8.1 Independent Refinery Feedstock Supply Pattern Forecast

8.2 Independent Refinery Refined Oil Supply-Demand Fundamentals and Capacity Forecast

8.3 Mega Refining and Chemical Complex Transformation and Development Direction Forecast

8.4 Independent Refinery Development Opportunity and Risk Analysis

Part 9 China State-Owned Refinery Status Comparison Analysis

9.1 China State-Owned Refinery Capacity Statistics

9.2 China State-Owned Refinery Oil Refining Unit Operation Status Analysis

9.3 China State-Owned Refinery Sales Channel Variation Analysis

9.4 China State-Owned Refinery End Market Competitiveness Analysis

Appendix

I. Distributor List

II. Tables & Charts

III. Related Products Annual Reports

2019-2020 China Refined Oil Market Annual Report

2019-2020 China Naphtha Market Annual Report

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