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ANNUAL FEATURES

2011

2011
4.484.9%2.67
5.6%

20124.654%2013
4.85

2011

19.6%38.2%

57936037

95.13/110.88

62306209

/WTI

2011

2011

2.43

4.6%6

20091

20102011

20113.7%

3.1%

GDP

9.2%20101.2

4.73

2.7%

5.4%2011

1509

WTI

4.7%338

Brent2010

6.7%10

28

2012.5

ANNUAL FEATURES

1 2005

9.6%

2005

2006

2007

2008

2009

2010

2011

16676789

4645

5001

5315

5999

6420

6720

7210

1051

1155

1233

1270

1340

1748

1813

5%2.05

10747

11308

12072

13226

13400

14727

15246

16443

17464

18620

20495

21160

23196

24269

6.2

6.6

10.1

3.2

8.9

4.6

2011
9362
35%

3.0

2.5

20102.07

2.092010

2.0

1.5

12886

1.0

48.3%2.06

0.5
0

20092.1
2005 2006 2007 2008 2009 2010 2011

1 20052011

2011

3.5%

2.

2011
71
GB19147-2009

2011

16.7%

7.3%

4449

1.

20102.19

2011

2.11

5.4

4.4882.5%

201371

20102100

350ppm

4.9%

GB252-2011

2.19

2014

2011

48.9%

11IV

1.465

GB17930-2011

32.7%18.4%

2011

2.67

14205.6%

8141

2011

4666.1%

1880165

2012.5

29

ANNUAL FEATURES

474.2

600.9

354.7

18809.6%

146.3/20102.2

3.

2011
82.5%

4.

1500
/

2011

2011

59.6%2010

63.9%

2011

2011

1.4

58.9%

2011

225/110

76.1%0.35

/200/

2011

95.1%

0.3

90%96%
53.8%

58.1/0.1

77.6%1

2011

93.9%

2010

0.465

58.2/58.1

/0.5

201065.5/

65/

2
2011

5.

2011

1.

88.1%

2012

2011

358

2011

149.5/2010

257.7

9.7/

216.5

30

2012.5

ANNUAL FEATURES

4%

110115/

81%2011

2013

50%

30%

2012

2012

20134.85

2012
3.3%

2.

/
20122013

2012GDP8.5%

201371

9.0%20052011

0.652012

2000ppm350ppm2014

2011

5.5%

11

5.9%2.56

IV150ppm

2012

50ppm

2012

2012-2013

2.75

2011

2012

2011

2012

[1] .2011

GDP8.5%9.0%

20115%

2012

5.77

2012[J].2012
(1).

[2] . 2011
2012[J]. 2012
(1-2).

[3] . 2011
2012[J].
20121.

2012

20120507

2012

2012

4.65

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20111700
2012.5

31

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%.

110

2012.5

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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