ABSTRACTS IN ENGLISH Asia-Pacific region and the Middle East. They should review the characteristics of integrated oil companies, and better utilize their advantages in specialization. China should encourage independent refiners to develop, thereby promoting the market-oriented utilization of refined oil resources. Current situation and trends of world oil rening industry By XU Haifeng, CNPC Economics & Technology Research Institute; HU Yan, PetroChina East China Chemicals Marketing Company 20 In 2011, annual global oil refining capacity increased by 14,700,000 tons, up by 0.3% year-on-year. The closing of refineries in Europe and the United States led to a decrease in oil refining capacity, while the oil refining industry of the Asia-Pacific region continued to grow, and its proportion of the total global capacity increased slightly from 28.2% to 28.3%. The total number of refineries in the world fell to that in 2008, while the hydrotreating capacity increased by 0.7%. The operating rate of refineries in developed economies remained low, while that in the emerging economies remained high. The gross margin of the global oil refining business witnessed a small increase, and that in Western Europe declined. Generally speaking, the oil refining industry in developed economies entered a period of structural adjustment. The oil refining industry in Europe continued to decline, in the United States it was subject to major adjustments, and the March 11 earthquake and tsunami inflicted heavy losses on Japans oil refining industry. Emerging economies continued to witness the development of their oil refining industries according to their respective features and demands. Resourcerich countries in the Middle East launched plans to build new refineries and expand capacity. However, financing difficulties and political turbulence retarded refinery construction projects. Oil product quality standards have been further strengthened. In 2012, the overcapacity of world oil refining will intensify, the gross margin from oil refining may undergo continuous pressure, and the operating rate of refineries around the world will remain low. Review of Chinas oil refining industry in 2011 and outlook for the next two years By ZHANG Riyong & LIU Xiangdong, Development and Planning Department of Sinopec 28 In 2011, Chinas refiners made remarkable achievements in production and operation, and the crude processing volume and the output of major products steadily increased. The annual crude processing volume amounted to 448,000,000 tons, up by about 4.9%, while annual production of gasoline, kerosene and diesel reached 267,000,000 tons, up by 5.6%.
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To adapt to market demand, refineries adjusted their product
mixes and products such as aviation kerosene experienced significant growth. The quality of vehicle diesel was upgraded to the Stage 3 National Emission Standard, and the main technical parameters of oil refining improved significantly. As refined oil prices were lower than the crude price, refiners losses worsened. The capital investment structure was further optimized, and the upgrading of oil product quality was given priority in investment. Oil refineries exploited their potential, and conducted projects such as technical retrofit, environmental protection, storage and transportation facilities. In 2012, Chinas processing volume of crude is expected to amount to 465,000,000 tons, up by 4%. In 2013, Chinas oil refining industry will maintain its momentum in development, and Chinas cr ude processing volume will amount to 485,000,000 tons. Summary of the petrochemical industry globally and in China in 2011 and the outlook for 2012 By SHU Zhaoxia & GAO Chunyu, Economics & Technology Research Institute, Sinopec 32 In 2011, the global petrochemical industry was slowly recovering. The average operating rate of polyethylene was 84.3% and there was an increase in annual capacity of 3,6 0 0,0 0 0 tons, b ot h of wh ich a re low. Et hylene production was 125,620,000 tons, while the growth of supply exceeded that of demand, thus the gross margin of ethylene declined significantly. The United States was still the largest oil producer. The low gas price led to an increase in the production of ethylene from ethane-cracking. The petrochemical industry was still at a cyclical low. The rise in the price of ethylene and its downstream products was less than that of oil, so the profit of companies fell. A great increase in the capacity of synthetic resin resulted in a decline in the operating rate. The synthetic fiber sector grew steadily, while the supply of raw materials for synthetic fiber grew rapidly. Most of the growth in the supply of synthetic fiber was from China. Chinas annual ethylene capacity increased by 240,000 tons, and it totaled 15,200,000 tons. Ethylene production totaled 15,536,000 tons, while the equivalent consumption of ethylene was 31,324,000 tons, up by 4.9%. Synthetic resin and synthetic rubber production maintained fast growth, however, growth in demand slowed and their import volumes declined. The output value and profit of Chinas chemical industry increased considerably. In 2012, the world petrochemical industry is still at a cyclical low, with most supply growth being in the Middle East and Asia. The capacity of ethylene from ethane in the United States continues to grow. China may experience a small increase in the capacity of ethylene and synthetic resin, and
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