2019-08-14 12:20:00
CHINA'S OIL THROUGHPUT UP 5.6%
REUTERS - China's July crude oil throughput rose 4% from a year earlier, official data showed on Wednesday, buoyed by improved refinery profit-margins and as new plants started production.
Refinery runs reached 52.6 million tonnes last month, or about 12.39 million barrels per day (bpd), according to figures from the National Bureau of Statistics (NBS).
However, that was down over 5% from June's record of 13.07 million bpd, amid mounting supplies from more efficient, giant producers.
"Profit-margins at refineries are following an upbeat trend, largely supported by strong demand for diesel amid robust industrial operations," Jin Xiao, senior analyst at Orient Futures, said ahead of the data release.
Average refining losses on processing crude oil have largely narrowed to a break-even level, with some plants with production lines more geared toward chemicals turning a profit.
But Jin added that this recovery in profits could be temporary as China's oil refining industry still has ample overcapacity and plentiful supply of refined oil products.
Newly launched private firm Hengli Petrochemicial is running at full refining capacity of 400,000 bpd, while Zhejiang Petrochemical is expected to reach full operations during the third-quarter.
Elsewhere, Hengyi Petrochemical has started trial operations at its new refinery and petrochemical facilities in Brunei, the fourth refinery to commence production in Asia this year.
"China's refined oil exports mainly flow to Southeast Asia. The launch of this new refinery will elbow out Chinese refined products and exacerbate the oil glut, which will further cut profit-margins at refineries," said Jin.
For the first seven months of 2019, Chinese crude throughput rose 5.6% from a year earlier to 369.73 million tonnes, or 12.73 million bpd, the NBS reported.
The NBS data also showed China's crude oil production in July rose 2.5% on-year to 16.29 million tonnes, or about 3.84 bpd. That compares to 3.92 million bpd in June.
Output in the January to July period increased 1% from a year earlier to 111.31 million tonnes, or about 3.83 million bpd.
Natural gas output reached 13.9 billion cubic meters (bcm) in July, 6.1% higher than a year earlier, according to the data.
In the January-July period, China churned out 100.3 bcm of gas, up 9.7% on-year.
Natural gas output growth once again outpaced crude oil as state-backed companies boosted production to meet increasing demand amid Beijing's push to replace coal with clean energy.
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Earlier:
2019, August, 12, 13:00:00
CHINA'S GDP UP 6.2%
The Chinese economy is facing external headwinds and an uncertain environment. GDP growth slowed to 6.6 percent in 2018, driven by necessary financial regulatory reforms and softening external demand. Growth is projected to moderate to 6.2 percent in 2019 as the planned policy stimulus partially offsets the negative impact from the US tariff hike on US$ 200 billion of Chinese exports. Headline inflation rose due to rising food prices and is expected to remain around 2½ percent.
2019, August, 8, 11:20:00
CHINA'S OIL IMPORTS UP 14%
China's arrivals of crude oil last month were 41.04 million tonnes, equivalent to 9.66 million barrels per day (bpd)
2019, August, 7, 12:05:00
CHINA'S COAL UP
Long-term cuts in coal consumption are a key part of China’s energy, environment and climate goals, but the fivefold increase in new mine approvals in the first-half of 2019 suggests China’s targets still provide ample room for shorter-term growth.
2019, August, 6, 12:15:00
CHINA WILL TAKE AFRICA'S OIL
China's CNOOC will get a 55.6% stake in the Sinapa and Esperanca licenses from Sweden’s Svenska Petroleum Exploration AB, whose interest will be reduced to 23.03%, FAR said in a statement on Tuesday. It did not disclose financial details.
2019, August, 2, 11:50:00
РУССКИЙ УГОЛЬ ДЛЯ КИТАЯ: +7%
«Поставки угля в Китай в 2018 году составили 27,5 млн тонн, это на 7% больше, чем в 2017 году. При оценке динамики роста поставок российского угля за последние годы видно, что российский уголь востребован в КНР, что вызывает высокую заинтересованность российских поставщиков», - сказал Сергей Мочальников, открывая совещание.
2019, July, 30, 11:25:00
RUSSIAN NUCLEAR FOR CHINA
TVEL, the nuclear fuel manufacturer subsidiary of Russia's Rosatom, has signed a supply contract for units 7 and 8 of the Tianwan nuclear power plant in China's Jiangsu province. The customers are Suneng Nuclear Power Corporation and China Nuclear Energy Industry Corporation, which are both subsidiaries of China National Nuclear Corporation (CNNC).
2019, July, 12, 08:10:00
GLOBAL OIL DEMAND GROWTH 2019-20: 1.14 MBD
In 2019, the global oil demand growth forecast remains at 1.14 mb/d, with expectations for global oil demand to reach 99.87 mb/d. In 2020, the initial forecast indicates growth of around 1.14 mb/d y-o-y, as global oil demand is anticipated to surpass the 100 mb/d threshold on an annual basis, to average 101.01 mb/d for the year.
