According to the data recently provided by the Industry Development and Reform Commission of the National Development and Reform Commission, in 2005, China's refining industry changed from a net profit of 20.8 billion yuan in 2004 to a net loss of nearly 30 billion yuan. Due to the combined influence of the international environment and domestic factors, last year China's refining industry as a whole presented a situation of insufficient capacity, tight supply, and high levels of operation.
In 2005, the annual refining capacity of China's oil refining industry reached 328 million tons, an increase of 14 million tons year-on-year; the annual crude oil processing volume was 28,622 tons, an increase of 17.58 million tons year-on-year, and the average processing load was 87%, a year-on-year decrease of 1 percentage point. Sinopec and PetroChina have annual processing loads of more than 95%, monthly processing load is close to 100%, and local refinery capacity utilization is less than 60%. In 2005, the country produced 176.56 million tons of refined oil, an increase of 6.2% year-on-year. Among them, 51.05 million tons of gasoline, 9.89 million tons of kerosene, and 11.562 million tons of diesel were produced.
In 2005, the apparent domestic consumption of refined oil was 16.816 million tons, an increase of 7.57 million tons year-on-year, an increase of 4.7%. Domestic production was 175.56 million tons, import was 3.6 million tons, export was 10 million tons, and self-sufficiency rate was 104%. However, in the summer of last year, due to the typhoon “Matsa†and the train system train accident, “Northern Oil South†was blocked. Coupled with the inefficiency of refined oil prices, the inability of local refinery companies, and the “downsampling†of refined oil products in coastal areas, these factors have caused tight supply of refined oil in parts of Guangdong and other regions. Last year, the price of crude oil rose by RMB 900/ton over the same period last year. Although the refining industry achieved sales revenue of about RMB 1 trillion for the full year, a year-on-year increase of 35%, the industry’s profit from 2004’s profit of RMB 20.8 billion has turned into a net loss of nearly 300 RMB. 100 million yuan.
In 2005, China imported 165 million tons of oil, which was basically the same as last year. However, due to high oil prices, the use of foreign exchange reached more than 60 billion US dollars, an increase of 32%. The trade deficit exceeded US$50 billion for the first time, a year-on-year increase of 25%.
According to the forecast of the National Development and Reform Commission, the high oil prices in the international market stabilized in 2006, and China's refined oil prices still have upward pressure.
In 2005, the annual refining capacity of China's oil refining industry reached 328 million tons, an increase of 14 million tons year-on-year; the annual crude oil processing volume was 28,622 tons, an increase of 17.58 million tons year-on-year, and the average processing load was 87%, a year-on-year decrease of 1 percentage point. Sinopec and PetroChina have annual processing loads of more than 95%, monthly processing load is close to 100%, and local refinery capacity utilization is less than 60%. In 2005, the country produced 176.56 million tons of refined oil, an increase of 6.2% year-on-year. Among them, 51.05 million tons of gasoline, 9.89 million tons of kerosene, and 11.562 million tons of diesel were produced.
In 2005, the apparent domestic consumption of refined oil was 16.816 million tons, an increase of 7.57 million tons year-on-year, an increase of 4.7%. Domestic production was 175.56 million tons, import was 3.6 million tons, export was 10 million tons, and self-sufficiency rate was 104%. However, in the summer of last year, due to the typhoon “Matsa†and the train system train accident, “Northern Oil South†was blocked. Coupled with the inefficiency of refined oil prices, the inability of local refinery companies, and the “downsampling†of refined oil products in coastal areas, these factors have caused tight supply of refined oil in parts of Guangdong and other regions. Last year, the price of crude oil rose by RMB 900/ton over the same period last year. Although the refining industry achieved sales revenue of about RMB 1 trillion for the full year, a year-on-year increase of 35%, the industry’s profit from 2004’s profit of RMB 20.8 billion has turned into a net loss of nearly 300 RMB. 100 million yuan.
In 2005, China imported 165 million tons of oil, which was basically the same as last year. However, due to high oil prices, the use of foreign exchange reached more than 60 billion US dollars, an increase of 32%. The trade deficit exceeded US$50 billion for the first time, a year-on-year increase of 25%.
According to the forecast of the National Development and Reform Commission, the high oil prices in the international market stabilized in 2006, and China's refined oil prices still have upward pressure.
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