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According to preliminary data, China's largest oil company increased the processing volume in July, despite the trade war between Washington and Beijing. Independent refinery has received from the Chinese authorities of additional quota for imports of oil and plans to increase processing volume in August. Demand from China prevents the collapse of oil prices in the world market.
PETRO CHINA AND SINOPEC SET the TONE
PetroChina and Sinopec have increased the processing volume in July 2019, according to a leading consulting company of China JLC. Oil supplies to the refinery's two largest oil and gas companies in the country last month made up 33.46 million tonnes, the Average daily rate made up 7.88 million bbl./day. by 1.25% in comparison with June.
the Plants of PetroChina processed of 13.76 million tons of oil last month, or 444 thousand tonnes. – an increase of 5.68% from the previous month. The increase in processing has occurred in connection with the resumption of work in June and July with a total capacity of 760 thousand Barr./day. Urumchi Petrochemical and Lanzhou Petrochemical has resumed processing after renovations in mid-June, which led to increased consumption of raw materials in July. In addition, Jinzhou Petrochemical and Liaoyang Petrochemical has resumed in the first half of July.
the amount of processing factories of Sinopec, on the contrary, has decreased because of scheduled repair work. Of the company's refinery processed 19.7 million tonnes and 635 kt/day. in July – 1,63% less than the previous month.
Zhanjiang Dongxing refinery in Guangdong with a capacity of 100 thousand Barr./day. from 2 July, is under renovation, which will last until the beginning of September. Jingmen Petrochemical in Hubei led June 28, from service installation of primary processing capacity of 32 thousand bbl./day.
it is Expected that PetroChina and Sinopec will increase the processing volume in August after the completion of repair works at the enterprises.
Chinese companies continue to increase processing of oil, despite the negative consequences of a trade war with the United States.
the MAGNIFICENT FIVE
an Important role in the refining of China are not only the largest public companies, and private oil refineries, which are supported by the state.
In early July, Beijing has provided private and regional refinery additional quotas on oil imports in the amount of 56.85 million t until the end of 2019. Quota was 33 largest private refinery and 10 belonging to the provincial authorities.
the Total volume of granted quota for the year 2019 have reached 154 million tonnes and 3.02 million bbl./day. Over the past four years demand from independent Chinese refineries for raw materials is growing, providing support to oil prices on the world market.
According to the preliminary S&P Global Platts, China's independent refineries reduced purchases of oil abroad in July to 10.34 million tons (2.4 million bbl./day.) – 5.4% less in daily average terms compared to June. However, experts believe that in August, the decline will cease in connection with increased profitability for the processing and completion of repairs.
Hengli Petrochemical, ChemChina, Hongrun Petrochemical, Qingyuan Petrochemical and Petrochemical Wonfull are the largest private refinery, which bought 4.57 million tons of imported oil – 44% of the total volume delivered to China in July.
Hengli Petrochemical and ChemChina became the largest importers among independent refinery, purchasing of 1.48 million tonnes and 1.24 million tonnes in July, respectively.
Supplies to refineries Hongrun Petrochemical has not changed and amounted to 680 thousand tons.
Import Qingyuan Petrochemical soared in July to 646 thousand tons – twice more than in the previous month. Wonfull Petrochemical purchased abroad 521 thousand t in comparison with the zero rate in June.
Russia became the largest supplier of oil to the independent Chinese refineries may and June, ahead of Brazil, but in July yielded Angola.
ZHEJIANG PETROCHEMICAL ramping up PRODUCTION
Private petrochemical complex in Zhejiang Petrochemical plans to increase purchases of raw materials abroad in August to 676 thousand tons compared to 402 thousand tons in July and could enter the top five largest private oil importers in China. Plant, the first phase of which was commissioned in may, is ramping up imports for the second month in a row. While in September the expected increase in supply in connection with the commissioning of petrochemical production.
According to the forecast of Bloomberg Intelligence, independent refineries are increasing production capacity, which from 2019 to 2021 will increase by 1.52 million barrels./day. (760 kt/y).
On the domestic market is experiencing oversupply of petroleum products, so the refinery of China – especially private ones – increase the supply abroad.
experts of the Research Institute of economy and development (IIR) Sinopec expects that the export of petroleum products – primarily motor fuels – will grow this year by 9% to reach 51 million tonnes.
estimated year, the total capacity of Chinese refineries and petrochemical plants this year will reach 880 million/y – substantially more than the market demands of China. In the beginning of this year CNPC has forecast that domestic demand for oil in China will amount this year to 668 million tonnes At the international Agency ICIS China believe that the country's dependence on supplies of oil will reach 72% against 69,8% in 2018.
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