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2017-11-07 12:30:00

CHINA'S OIL IMPORTS UP TO 11%

CHINA'S OIL IMPORTS UP TO 11%

PLATTS - Crude oil imports by China's independent refineries in eastern Shandong province, Xinhai Petrochemical in Hebei and Fengli Petrochemical in Henan rebounded 11% month on month to around 7.435 million mt in October, or 1.76 million b/d, according to a monthly survey by S&P Global Platts.

October imports rose from an 11-month low of 6.69 million mt in September as independent refineries were trying to use up their crude quota allocations by end October in order to secure a full allocation of quotas for 2018.

At end October, the remaining import quota volume for November and December stood at around 20.2 million mt, most of it held by the refineries that had received fresh quota allocations in recent months.

In October, 21 independent refineries -- 19 in Shandong, Xinhai and Fengli -- received a total 6.19 million mt of imported crude, Platts data showed. Some of this volume could be resold to other refineries, including non-quota holders, market sources said.

The balance of the import volume in the month was received by trading companies Vitol, BP, Trafigura, Mercuria, Gaida, Huayue, Taifeng Hairun and PetroChina's trading arms that supply to independent refineries.

The total for October crude imports included parcels that arrived at ports in Shandong and Tianjin and completed discharge operations in the month, as well as cargoes that arrived in late September and finished offloading in early October.

TOP BUYERS

After a drop in September, ChemChina overtook Dongming to be the biggest buyer among the independent refineries in October, taking 1.28 million mt of crudes, up 108% from September.

The company received around 715,000 mt of Russian ESPO blend, accounting for 56% of total imports, with the balance being 307,000 mt of Malaysia's Nemina crude, 130,000 mt of Djeno and 130,000 mt of Mondo.

Dongming was the second-biggest importer at around 686,000 mt of crude, up 3% month on month. The refinery received VLCCs of Merey crude and Oman crude, with the balance being Napo crude from Ecuador. It was the first import of Napo by an independent refinery; it is a heavy, sour crude, with a 19 API and 2% sulfur content.

Qingyuan rose to be the third biggest buyer in October, importing around 487,000 mt of crude, surging from 167,0000 mt in September.

The refinery in October imported around 90,000 mt of Malaysia's Panera crude, the first by an independent refinery.

PetroChina's trading arm sold one similar cargo last month, but it could not be immediately confirmed if it was the supplier to Qingyuan.

Market sources said the refinery was in a rush to utilize its crude quotas as production at its facility in Zibo has not been stable in recent weeks.

Some refineries in Zibo were running at lower rates during the second half of October in order to cut emissions during the 19th National Congress of the Communist Party of China.

AVAILABLE QUOTAS AT 20 MIL MT FOR NOV, DEC

Over January-October, the 27 crude quota holders surveyed reported importing 60.3 million mt of crude, leaving 20.2 million mt, or 25% of the annual quota allocation, to be filled by year end, according to Platts calculations.

But most of those quotas are held by refineries that received quotas in the second half of the year, as those major regular importers were running low after aggressive imports in previous months.

Refineries holding fresh quotas will ramp up imports in the coming months in order to fully use up their quotas, with an eye on ensuring they received full allocations for next year. But it is unlikely overall crude imports will continue at the same pace for the last two months of the year.

For those that run on low quotas, buying Venezuelan Merey crude, Boscan crude and other light crudes from PetroChina Fuel Oil Company could be an option, as this would not require a refinery to use its own quota allocation.

Independent refineries can also choose to import fuel oil and bitumen blend in place of crude oil, as has been done by ChemChina.

In October, ChemChina imported about 83,000 mt of fuel oil, the only one to take fuel oil as feedstock.

In addition, about four cargoes of bitumen blend arrived in Shandong port last month, totaling around 392,000 mt. This was in line with the volume that arrived in August of around 410,000 mt.

"Demand for bitumen blend has increased a little bit due to low quota problems towards the end of the year," said a trader source in Shandong. But only a few refineries are willing to crack the grade as it is not the ideal feedstock for most refineries, sources said.

Domestic offshore crude will also be an alternative for those refineries with low quotas.

CRUDE IMPORTS IN NOV TO DROP

Crude imports in November are expected to slide from October as quotas will be a big issue for most independent refineries, according to market sources.

"The imports are likely to slow down as only those new quotas holders have sufficient quotas on hand," said a trader in Shandong.

But those quota holders are reluctant to sell their quotas, even though the fee of quota transactions has recently been raised to around Yuan 200 ($29)/mt from around Yuan 180/mt.

"Still no one is willing to sell, and few quota deals are made as all refineries would like to keep it for themselves," the trader said.

Due to the lack of quotas, trading companies have to slow their imports in November and December, which would contribute to a drop in overall imports.

Major independent refineries, on the other hand, will generally maintain their import pace according to their production schedules.

China's oil product demand typically strengthens towards the end of the year, and gasoil has been is in strong demand in recent weeks.

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Earlier:

CHINA'S GAS CONSUMPTION UP
2017, October, 27, 19:20:00

CHINA'S GAS CONSUMPTION UP

EIA - Global natural gas consumption is expected to grow from 340 billion cubic feet per day (Bcf/d) in 2015 to 485 Bcf/d by 2040, primarily in countries in Asia and in the Middle East. China accounts for more than a quarter of all global natural gas consumption growth between 2015 and 2040.

 
 CHINA LNG UP 44%
2017, October, 16, 12:10:00

CHINA LNG UP 44%

China bought 22.1 million tonnes, equivalent to 30 bcm, of foreign LNG in the first eight months of the year, up 44 percent from a year ago. Almost half of that came from Australia followed by Qatar.

 

 CHINA'S SOLAR ENERGY UP 50%
2017, October, 16, 12:05:00

CHINA'S SOLAR ENERGY UP 50%

China installed 38.28 gigawatts of solar power from January to August, up 49.5 percent from the end of last year, according to the China Electricity Council.

 

 RUSSIAN OIL FOR CHINA
2017, September, 22, 09:00:00

RUSSIAN OIL FOR CHINA

Chinese oil refineries are gearing up to receive more Russian oil transported through an expanded Siberian pipeline network from January, likely cementing Russia’s position as China’s largest oil supplier in a close race with Saudi Arabia.

 

 CHINA BUYS ROSNEFT 14.16%, $9 BLN
2017, September, 11, 12:35:00

CHINA BUYS ROSNEFT 14.16%, $9 BLN

CEFC China Energy is set to take a stake of almost $9bn in Russian state-controlled oil company Rosneft, in a major strengthening of energy ties between Beijing and Moscow as relations deteriorate with the west.

 

 U.S. - CHINA OIL RECORD
2017, July, 28, 10:00:00

U.S. - CHINA OIL RECORD

China's import of US crude oil crossed 1 million mt for the first time in June, an eight-fold rise year on year, as elevated Dubai prices prompted both state and independent refiners to use it as an opportunity to diversify supplies, a trend that could add to the headache of OPEC suppliers.

 

 CHINA'S OIL DEMAND UP 5.3%
2017, April, 6, 19:00:00

CHINA'S OIL DEMAND UP 5.3%

China's apparent oil demand rose 5.3% year on year in the first two months of 2017 to 11.65 million b/d on the back of robust economic growth, holiday transportation demand and efforts to build stocks ahead of the refinery maintenance season that started in March.

 

 

Tags: CHINA, OIL, IMPORT

Chronicle:

CHINA'S OIL IMPORTS UP TO 11%
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

CHINA'S OIL IMPORTS UP TO 11%
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

CHINA'S OIL IMPORTS UP TO 11%
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

CHINA'S OIL IMPORTS UP TO 11%
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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