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Do not open the topic: 2015 Shandong to refining where to go from?

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Lead: Since 2014, the petrochemical industry is facing unprecedented challenges, overcapacity problems, bank credit continued to tighten, especially with the recent oil and refined oil prices continued to decline, so that domestic refineries face unprecedented challenges. Due to restrictions on crude oil quotas, Shandong in recent years, the operating rate is not high, basically maintained at 30% -40%, and such a short-term situation may be difficult to change. How does this bureau break? How to fight the future of the battle? For Shandong refining enterprises, the real test may have just begun.


Shandong Province has Shengli Oilfield, and adjacent to Zhongyuan Oilfield, coupled with the natural advantages of Bohai Bay, with the development of petrochemical industry unique conditions. In the eighties and nineties of the last century, in the Dongying, Binzhou, Zibo, Heze and other places have emerged a number of small oil refining enterprises, after decades of development and growth, and gradually become the local pillars of the industry. According to statistics, as of 2014, Shandong Province, a total of 49 local refinery enterprises, a processing capacity of more than 110,000 tons, the average size of 2.3 million tons. Crude oil processing capacity and the main business income accounted for more than 70% of the local local refining, scale, efficiency ranks first in the country.


However, the development of refining enterprises have always been accompanied by ups and downs, all the way under the drive in the policy difficult to move forward. In 2009, the state promulgated a policy to speed up the elimination of 1 million tons / year and below the refinery, to prevent the asphalt, heavy oil processing and other names to build some small oil refining projects. While the 2011 national requirements to 2013 before the elimination of 2 million tons / year below the atmospheric and vacuum distillation device. It is based on the policy of forcing, refining enterprises began to "caught in the long." The original inconspicuous place small refinery competing expansion, the emergence of Beijing Bo, Lihua benefits and a number of large enterprises. However, in the capacity of the top of the country, about the pride of local finance, these refining enterprises have to face the embarrassment of crude oil.


It is understood that, due to restrictions on crude oil quotas, Shandong refining enterprises domestic crude oil resources plan is only 1.2 million tons / year, and no crude oil import and use qualification. In recent years, although through the Sinopec, PetroChina, CNOOC three groups, to obtain part of the crude oil resources, but also a drop in the bucket.


In addition to insufficient supply of crude oil, oil pressure is always accompanied by the upgrade. According to the policy, Shandong Province since January 1, 2015 from the full supply of four standard diesel, and plans on January 1, 2018 from the full supply of five standard gasoline and diesel. Faced with this urgent task, Shandong Province, refining enterprises have increased investment in the implementation of transformation, speed up oil upgrades. In order to meet the quality requirements of refined oil, the need for heavy oil pretreatment of hydrogenation, catalytic reforming, but also on the gasoline and diesel hydrofining, virtually increased the burden on enterprises.


Under the pressure of the policy, a number of refining enterprises have been or are accelerating the adjustment in order to reverse the adverse situation. According to Treasure Island to understand, 2014 Jin Cheng Petrochemical on some of the production equipment for technological transformation, three years ahead of the production capacity of five diesel, walking in the forefront of the industry. Lihua Group in recent years has also been increasing investment in technological transformation, have implemented the catalytic gasoline selective hydrodesulfurization transformation, diesel hydrotreating transformation and plans to put into operation in 2015, put into operation after the gasoline and diesel will be ahead of the country five standards. Not only gasoline and diesel hydrogenation devices have launched, wax oil and hydrogenation of residual oil refining are also reported to the approval. This year, Shenchi Chemical will be a new 1 million tons of residue hydrogenation, Jade Emperor Sheng Chemical will start to build 3 million tons of residue hydrogenation, Jingbo Petrochemical is also expected on the new continuous reforming device, the sea asphalt 1 million tons of coking And 800,000 tons of hydrogenation unit will also be put into operation in May.


But there are also refining enterprises did not participate in this round of racing, mainly money and then invested, capital chain tension has been some companies can not breathe. Now many companies have no energy to consider the issue of capacity to resolve, the question now is how to survive. For refining enterprises, up to 80% -90% of the debt ratio had been "normal", but this year obviously to die. Whether it is state-owned enterprises or local enterprises, and now the whole industry are at a loss, basically no money. High proportion of assets and liabilities, long-term rely on bank loans for some of the enterprises, cash flow has been lit red.


These years, Shandong Province Refining and Chemical Industry Association and various enterprises in order to crude oil import qualification running, and the joint composition of Shandong Province Petrochemical Co., Ltd., want to hold through the Baotuan way to obtain the right to import crude oil, but also jointly funded the establishment of Shandong Province Refining Investment Co., Through the cooperation with the oil to obtain crude oil import quotas. December 12, 2014, the China Securities Regulatory Commission approved the Shanghai International Energy Exchange Center to carry out crude oil futures transactions, which means that the preparation of nearly four years of crude oil futures officially entered the market before the countdown. Although Shandong to refining whether to participate in the domestic crude oil futures trading is still unknown, but the industry is full of longing and look forward to this. In fact, they are not looking forward to the domestic crude oil futures market is open, but look forward to the gradual liberalization of the right to import crude oil, hoping to take this opportunity to obtain crude oil.


Due to the difficulty of fighting for oil, refining enterprises to focus more on the downstream product development. Secondary processing, deep refining device and a large number of fine chemical equipment took over the expansion of the baton, "to the oil" has become a lot of refining business strategy. Many companies to lock in the development of the "head of the tail" on. For example, Hengyuan Petrochemical through the extension of the chemical industry chain, the formation of propylene, propane, polypropylene and other product systems, enterprises to resist market risks continue to increase. And Hengyuan Petrochemical diversified development is different, benefit Huayi Group more attention to the fine integration of refining and development. Refining and fine integration in the rational and flexible use of oil resources, improve investment income, reduce operating costs, enhance the core competitiveness and other advantages obvious, processing to the breadth and depth of development, the degree of integration is getting higher and higher. Last year, the enterprises were put into operation 120,000 tons of bisphenol A, 60,000 tons of polycarbonate, 300,000 tons of carbon tetra comprehensive utilization of isomerization and other project devices. At present, 2.6 million tons / year heavy oil hydrogenation and oil quality upgrade project is tense construction.


Relative to the large enterprises, a small processing capacity of enterprises are also trying to turn to new chemical materials and fine chemicals and other deep processing. It is understood that by 2020, the province's local petrochemical enterprises may increase the average size of 5 million tons, the province's local refining and refining industry, a processing capacity of about 100 million tons of crude oil, processing capacity reached 75 million tons, gasoline and diesel production 40 million tons, ethylene and aromatics production reached 100 million tons, chemical products accounted for the proportion of the main business income to more than 30%.


   According to the planning of the Shandong provincial government, the local refining and chemical industry in accordance with the support of a group, the integration of a number of transformation of a group, out of a number of guidelines, take the initiative to adjust efforts to increase energy-saving emission reduction and eliminate backward efforts to further strengthen Environmental protection, energy consumption, safety, quality and other indicators of the standard hard constraints, and vigorously promote the transformation and upgrading of refining industry. As China's energy revolution is starting and deepening, energy companies, including refining enterprises, will be involved. In the face of severe situation, a group of refining enterprises foresight, take the initiative to adjust, and this will certainly be able to help enterprises grasp the initiative of the future battlefield. In this foreseeable may last for several years of protracted war, some people will win, but also some people will fall, 2015 may be the history of the development of another turning point.

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