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New capacity in China is expected to make up more than half of that growth, according to the International Energy Agency. Reuters GraphicsIn 2023, WoodMac sees China's output growth creating a local surplus of 4.24 million metric tons of ethylene and an even bigger oversupply of propylene at 8.69 million metric tons. Reuters GraphicsMARKET SHARE BATTLENewly launched refinery complexes by state giant PetroChina's (601857.SS) Guangdong Petrochemical and privately-run Jiangsu Shenghong Petrochemical have added to surging petrochemical supply from mega refiners Zhejiang Petrochemical Corp and Hengli Petrochemical (600346.SS) that has come online in recent years. Rongsheng Petrochemical (002493.SZ) and Hengyi Petrochemical (000703.SZ) swung to net losses in the first quarter. While Chinese demand from some sectors such as inexpensive clothing and daily essentials is robust, other sectors such as automative have yet to recover in line with expectations, said Salmon Lee, global head of polyesters at consultancy WoodMac.
Persons: Chen, refiners, China's, Wood Mackenzie, WoodMac, Ganesh Gopalakrishnan, TotalEnergies's, Salmon Lee, Lee, Mohi Narayan, Andrew Hayley, Matthew Chye, Florence Tan, Sonali Paul Organizations: REUTERS, Reuters, International Energy Agency, Reuters Graphics, Guangdong Petrochemical, Jiangsu Shenghong Petrochemical, Zhejiang Petrochemical Corp, Hengli Petrochemical, Sinopec, Rongsheng Petrochemical, Hengyi Petrochemical, Thomson Locations: Dalian, Liaoning province, China, Asia, Europe, U.S, Guangdong, Jiangsu, China's, New Delhi, Beijing
Saudi Arabia is seeking stronger cooperation with China on trade investments and energy flows rather than competing with the superpower, said Energy Minister Prince Abdulaziz bin Salman. "We came to recognize the reality of today that China is taking, had taken a lead, will continue to take that lead. We don't have to compete with China, we have to collaborate with China," he told CNBC's Dan Murphy during the Arab-China Business Conference on Sunday. On why the OPEC kingpin has eyes on China, Abdulaziz said he believes that China's oil demand is still growing, and it is a pie that Saudi Arabia is keen on capturing. In March, state-owned Saudi Aramco announced two major refinery deals, supplying 690,000 barrels a day of crude oil to Rongsheng Petrochemical and Zhejiang Petrochemical.
Persons: Prince Abdulaziz bin Salman, CNBC's Dan Murphy, Abdulaziz, Xi Jinping's Organizations: Energy, China Business Conference, Saudi Aramco, Petrochemical, Zhejiang Petrochemical Locations: Saudi Arabia, China, Saudi
Crude imports in March totalled 52.3 million tonnes, or 12.3 million barrels per day (bpd), according to data from the General Administration of Customs. Analysts pointed to a sharp increase in refined fuel product exports as a key reason behind the jump in crude imports. Total crude imports for the first quarter stood at 136.6 million tonnes, a 6.7% increase over 127.9 million tonnes in the same period last year. China imported 8.9 million tonnes of natural gas in March, up 11.2% from 8.0 million tonnes a year ago. Total natural gas imports for the first quarter stood at 26.7 million tonnes, down 3.6% on last year.
SINGAPORE, March 30 (Reuters) - Privately controlled Zhejiang Petrochemical Corp (ZPC), operator of China's largest refinery, said on Thursday it has reached a strategic agreement with state refining giant Sinopec (600028.SS) on the domestic marketing of its fuel. Under a deal reached earlier this week, Sinopec will handle more than 60% of ZPC's domestic refined products sales, worth about 55 billion yuan ($8.0 billion) a year, the company said in a statement posted on its WeChat account. "With the growing new refining capacity at home, the mismatch between refined fuel supply and demand will become more and more prominent," ZPC said in the statement. ZPC, controlled by private chemical group Rongsheng Petrochemical Co Ltd (002493.SZ), operates an 800,000 barrels-per-day refinery in the eastern port of Zhoushan. Earlier this week, Rongsheng Petrochemical agreed to sell a 10% stake in itself to Middle Eastern energy giant Saudi Aramco (2222.SE) for $3.6 billion.
The project is expected to cost 83.7 billion yuan ($12.2 billion), partner Panjin Xicheng Industrial Group said in a statement on WeChat on Sunday. Construction at the complex will start in the second quarter after the project secures the required administrative approvals, Aramco said. Before the pandemic, Aramco signed two other initial agreements for refinery-petrochemical investments in China. The other is with Shandong Energy that includes a potential crude supply agreement and chemical products offtake deal, as well as exploring collaboration on an integrated refining and petrochemical complex in China. Earlier in March, Saudi Aramco also broke ground on a $7 billion project to produce petrochemicals from crude oil at its South Korean affiliate S-Oil Corp's (010950.KS) refining complex in the port city of Ulsan.
Companies Rongsheng Petrochemical Co Ltd FollowSINGAPORE, Dec 29 (Reuters) - A major crude oil pipeline connecting a storage farm in east China's Zhoushan of Zhejiang province to mega private refiner Zhejiang Petrochemical Corp (ZPC) started pumping oil for the first time on Wednesday, local state media reported. The 46.5-kilometer (28.89 miles) pipeline is designed to carry 20 million tonnes a year of crude oil and is expandable to 30 million tonnes, as reported by Zhejiang Daily. The pipeline has a diameter of 0.8 meter, spanning 800 meters over land and 45.7 kilometers under the sea. It starts at the Huangzeshan crude oil storage base and ends at the ZPC refinery, which is China's single-largest refiner with daily processing capacity of 800,000 barrels. The Huangzeshan storage base started operating in October with crude oil and refined fuel tanks, with total capacity of 1.51 million cubic meters, or about 9.5 million barrels, Zhoushan government has said.
Factbox: Saudi-China energy, trade and investment ties
  + stars: | 2022-12-06 | by ( ) www.reuters.com   time to read: +4 min
Below are some details about oil, trade and security relations between China and Saudi Arabia. OIL TRADEChina is Saudi Arabia's largest trading partner, with bilateral trade worth $87.3 billion in 2021. Chinese exports to Saudi Arabia reached $30.3 billion, while China's imports from the kingdom totalled $57 billion. REFINERIESAramco in early 2022 made a final investment decision to build a $10 billion refinery, petrochemical complex in northeast China, marking its single largest investment in China. Named Huajin Aramco Petrochemical Company, the joint venture groups Aramco, Huajin Chemical Industries Group Corporation (000059.SZ) -- a unit of defence conglomerate Norinco-- and Panjin Xincheng Industrial Group.
LAUNCESTON, Australia, Nov 8 (Reuters) - China's imports of crude oil rebounded in October, but the details aren't as strong as the headline number suggests. PetroChina started trial operations at a 200,000 bpd crude unit at its new refinery in Guangdong, while Shendong Petrochemical is also starting operations at its new 320,000 bpd plant in Jiangsu province. This appears to have resulted in China boosting imports from the kingdom, with Refinitiv Oil Research estimating that October arrivals were 1.91 million bpd, up from 1.84 million bpd in September. Rising exports of refined products are also acting as a spur to crude imports, with 4.46 million tonnes of fuel being shipped out in October. This was down from September's 1.5 million bpd and August's 1.23 million bpd, but it's worth noting that the past three months have been strongest since July last year.
U.S. West Texas Intermediate crude (WTI) <CLc1> for November, that is expiring on Thursday, was at $83.17 a barrel, up 35 cents, or 0.4%. Register now for FREE unlimited access to Reuters.com RegisterU.S. crude inventories fell unexpectedly last week - down 1.7 million barrels, weekly government showed, against expectations for a build of 1.4 million barrels. SPR levels fell 3.6 million barrels to just over 405 million, the lowest since May 1984. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. There were also some signs of resurgent Chinese oil demand, including private mega refiner Zhejiang Petrochemical Corp (ZPC) and state-run ChemChina receiving further import quotas.
Oil prices were also buoyed as risk sentiment was lifted by upbeat U.S. corporate earnings and rising equity markets. That is equal to about 104 million barrels. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. read moreIn December, the administration plans to sell 15 million barrels of oil from its reserves, the final tranche of the 180 million barrels release announced earlier this year, a senior U.S. official said. Gasoline inventories declined by about 2.2 million barrels while distillate stockpiles dropped by 1.1 million, the sources said.
Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. Such a move would signal a reversal in China's oil products export policy, add to global supplies and depress fuel prices. After a recent slide in benchmark Brent crude prices to below $100 a barrel, Chinese refiners have taken arbitrage opportunities to boost stockpiles, traders said, booking supertankers to haul crude oil to China from the Americas and Middle East. A second official with another state refinery said his plant is also planning about an 8% hike in throughput next month, but added that the plan had been driven by firmer domestic margins. A third state refinery expects to restart a 60,000-bpd crude unit next month after maintenance, one of the sources said.
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