Affected by imported crude oil, the domestic refining feedstock market is undergoing reshuffling
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Recently, the Petroleum and Chemical Industry Federation has successively released assessments of the import crude oil usage by local refineries such as HSBC Petrochemical, Tianhong Chemical, Jingbo Petrochemical, and Luqing Petrochemical. These four refineries combined have used a total of 14.4488 million tons of imported crude oil, drawing significant attention from the market. As the policy of \"decentralization of powers\" continues to make progress and the material constraints that hindered the development of local refineries are gradually resolved, competition in the market for raw materials used by these refineries has become increasingly intense.
Since the **National Development and Reform Commission issued the \"Notice on Issues Related to the Management of the Use of Imported Crude Oil\" in February 2015, a total of 11 local refineries have been granted the right to use imported crude oil. The cumulative amount of crude oil used by these refineries amounts to 49.1888 million tons, with refineries in Shandong accounting for 73.2% of this amount. Six local refineries have obtained the qualification for importing crude oil through non-state trade, with a cumulative import volume of 27.94 million tons; refineries in Shandong account for 52.9% of this amount. Refineries that have obtained the rights to import crude oil as well as non-state trading quotas for such imports have actively started importing crude oil, exerting a significant impact on the raw material market.
With the delegation of rights to import crude oil and the approval process for non-state-owned imports, imported crude oil has had a significant substitutive effect on domestic crude oil. The proportion of imported crude oil in crude oil processed by local refineries is on the rise, and at the same time, the share of crude oil in the raw materials used by these refineries is also increasing, leading to intense competition in the raw material market.
The information provided by the original poster indicates that the refining and petrochemical industry is recovering; our rise is just around the corner. Positive energy – thumbs up: victory:
With the recovery of the refining industry, the vast community of maritime enthusiasts has much to contribute. :)
I hope this isn’t just a short-lived phenomenon; only by bringing these products back to the market can there be hope for a recovery in the overall economy
The step toward true marketization is getting closer and closer to us!
It is hoped that local refineries can make a difference and grow stronger and larger.
I hope that domestic refineries will continue to thrive with this favorable trend; P