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China Fuel Oil Market Report, 2007

Published: Oct/2007

Hard Copy  USD $ 1,700
Pages: 93 Electronic(PDF)  USD $ 1,800
Report Code: Enterprisewide  USD $ 2,700
 

The consumption fields of fuel oil are transportation and industry. Especially when generating power in industry a lot of fuel oil is used, taking up 1/3 that of the total demand. Chemical industry, building material and iron industry also consumes fuel oil a lot. The profit making ability of refined oil is not so optimistic due to the high price of cost. It is estimated that in 2007, no obvious gap will be seen between the price fluctuation of refined oil and that of international crude oil. The profit making ability of the industry will hoist.

During the Eleventh Five-Year Plan period (2006-2010), the average increase of petrol storage in China is 900 to 1,000 million tons and that of natural gas 400 to 450 billion m3, which can ensure certain growth of oil and gas production. In the next five to ten years, with the development of China economic, the total consumption of energy will increase and so does crude oil as well as refine oil.

Fuel oil companies still face with tremendous challenges though there are many favorable conditions. In the end of 2006, China opened the wholesale market of refined oil to foreign companies to fulfill the commitment made by China when entering WTO. This is a milestone which marks the full open of China petroleum and petrochemical industry. During the Eleventh Five-Year Plan period, there will have diversified investors in China petroleum and petrochemical market. The competition pattern will gradually come into being. When foreign investments enter in large scale, China petroleum and petrochemical industry will confront with serious challenges.

In addition, the government and the public are now concern more than ever about the environment, accordingly higher requirements were given on environment protection. The use of energy-saving oil and renewable energy, the transit of clean natural gas from the west to east, the production of LNG project and the appearance of much more possible replacements in the future may quite probably decrease the consumption and imports of fuel oil.

It is estimated that in 2007 demands for fuel oil may drop to 37 million tons. Considering the consistent improvement of domestic processing ability, the imports of fuel oil may drop to 20 million or so. All the above mentioned factors will bring a lot of changes in China petroleum and petrochemical market and at the same time challenge China petroleum and petrochemical market as well.



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