Abstract of China Energy and Chemical Industry Development Report in 2020


2022-09-16 15:03

     China Energy and Chemical Industry Development Report in 2020, sponsored by Sinopec Economic and Technological Research Institute and assisted by Wood Mackenzie, pointed out that China's refining industry will usher in a year of full release of new production capacity and white-hot competition, and will also face a rise in industry elimination and integration in 2020. According to the report, a new wave of energy expansion has come, and the era of change in China oil refining industry has come. In 2019, Hengli Petrochemical and Zhejiang Petrochemical put into production, as a result, the domestic oil refining pattern and resource flow were reconstructed; the terminal consumption growth rate of refined oil slowed down to 2.8%, and the consumption of chemical light oil greatly increased by 10.5%, the "oil chemical transformation" sped up. In 2020, China will open the wholesale and retail market of product oil in turn, product oil market-oriented reform will be in a critical period. The terminal consumption of refined oil products is expected to be 403 million tons in 2020, with a growth rate of 2.2%, while China's primary refining capacity will reach 900 million tons in 2020. The release of new capacity will make domestic competition tend to be white hot. China's product oil exports are expected to reach 59 million tons by 2020, and maybe become the largest exporter in Asia and Pacific area. The report points out that in 2019, the expansion of world petrochemical capacity further accelerated, the risk of excess increased; domestic ethylene equivalent consumption increased by about 9%, and the growth of new business consumption and alternative consumption was prominent. In 2020, the expansion of petrochemical capacity in China will continue to accelerate, and the new capacity of basic petrochemical raw materials will account for about 70% of the world, products such as polyolefin will still face high inventory pressure. From 2019 to 2020, domestic key technologies such as synthetic gas to olefins directly, OCM and so on, have made great breakthroughs or progress, and adiponitrile and a series of important products have been produced applying independent technologies, indicating the petrochemical industry is in the stage of survival of the fittest and coming to a stage of development in high quality.