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China’s 2012 Imported SRFO Market Research

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As the largest importer of straight-run fuel oil (SRFO) in Asia, China has been raising its demand for the product for the past a few years amid rapid expansion in its independent refining capacity. The country’s SRFO imports stayed at above 12.5m tonnes ever since 2010.
All types of enterprises are active in participating in the China SRFO import market. This includes state-owned companies with overseas business, traders that import oil into China and independent refiners that take SRFO as feedstocks.
In this research report, ICIS C1 Energy, which has over ten years of knowledge and data accumulation for the China fuel oil market and the Chinese independent refinery, streamlines the country’s SRFO trading/import market, forecasts the country’s demand for SRFO and identifies the possible growth points in the coming years.


1. Feedstock supply for China’s independent refiners, their imported demand for SRFO and trading flows
2. Major players in China’s SRFO market
3. Outlook for Chinese independent refiners and their SRFO demand
4. SRFO logistics facilities: oil terminals and jetties

Market spotlights

1. Were there any new changes to the feedstock mix of China’s independent refiners in 2012?
2. What were the performances of the major SRFO market players in 2012?
3. What is the outlook for the Chinese independent refiners in the future? Will their demand for SRFO rise further?
4. Does China have enough oil terminals, jetties and the like oil logistics facilities to cope with the growth in its SRFO demand?


1 China Arts Huahai Import & Export
1.1  Company profile
China Arts Huahai Import & Export (China Arts for short) was inaugurated in Zhuhai in 1995. Headquartered in Beijing, China Arts has formed branches in Beijing, Shanghai, Guangzhou, Zhuhai, Nantong, Weifang, Laizhou, Qinhuangdao, Shuozhou, Hong Kong and Singapore.
With over 16 years of development, China Arts has become a famous and professional resource company in China, engaged in the imports, customs transfer and internal trade of both crude and fuel oil, wholesales of oil products, imports and internal trade of chemicals, imports of primary products, imports and internal trade of coal, storage of petrochemicals, international logistic and investment. The company has established an integrated marketing network both at home and abroad. It owns a total of five wholly-owned, controlling and participating subsidiaries. It owns over 1m cubic metres of storage terminals in Laizhou and Nantong, affiliated by 50,000 deadweight tonne (dwt) petrochemical jetties and floating jetties with separate capacity of over 1,000 dwt.

1.2  M100 straight-run fuel oil source
China Arts imported 500,000 tonnes of M100 fuel oil in 2012, with 35% or 4-5 cargoes of which from Russia’s Rosneft under a half-year contract for loading in Russia’s Far East. The remaining 65% was all spot cargoes, including 75,000 tonnes from xxxxx for loading in Black Sea and 250,000 tonnes from Singapore via its Singapore-based trading arm xxxxx.
China Arts purchases spot fuel oil with Singapore fuel oil prices as the reference.

1.3 M100 straight-run fuel oil buyer
China Arts supplied M100 fuel oil mainly to Shandong (80%) and east China (20%) in 2012. The fuel oil for the supply to Shandong arrived in Laizhou port, major buyers of which included Changyi Petrochemical (x%), Hualian Petrochemical (x%), Huifeng Petrochemical (x%) and Chambroad Petrochemicals (x%). The feedstock was transported by truck in inland areas. In east China, China Arts supplied M100 fuel oil to independent refineries in the Yangtze River Delta and peak-shaving power plants. The independent refineries include Hunerhua Chemical, Jinao (Hubei) Science & Technology Chemical Industry and Zhejiang Meifu Petrochemical. The power plants include Zhenhai power plant and Zhabei power plant.
China Arts decides prices of M100 fuel oil supplied to independent refineries through negotiations due to no benchmarks.

1. China SRFO Import by Source in 2012

2. Most of China Arts’ SRFO procurement of SRFO are spot cargoes, and the share of suppliers are as follows:

3. 60% of China Arts’ SRFO imports are Russia M100, which is mainly supplied to independent refineries like Huaxin Petchem, Changyi Petchem, Chambroad Petchems and Lijin Petchem, besides, one power plants as Zhabei Power Plants.

4. Price Trend of M100 CRF China

Table of contents

1. Feedstock supply of China’s independent refiners
1.1 Overall feedstock supply
1.2 Imported SRFO
1.2.1 Sources and specs of SRFO
1.2.2 Trading flows of imported SRFO in China
2. Trading chains of imported SRFO in China
2.1 Major players in international market (trading volumes in 2012, suppliers, market shares, sales channels, business models, long-term supply or spot supply?)
    - PetroChina
    - Sinopec
    - CNOOC
    - Zhuhai Zhenrong

2.2 Major Chinese importers (Imports for 2012, sources, share of imports from different sources, purchasing channel, downstream buyers, distribution proportion, settlement pattern)
  - Chinaoil
  - Qingdao Yijia Haiye Trading
  - Sedar Petroleum & Natural Gas Development (Sichuan)
  - China Arts Huahai Import & Export
  - Shandong Qingyuan Group
  - Shandong Guoneng Petrochemical Import & Export
  - Shandong Kenli Petrochemical
  - Shanghai Zhongyi Fuel Oil

2.3 Major Chinese independent refiners (SRFO throughput in 2012, source, shares of imports from different source, purchasing channel, settlement pattern)
    - Rizhao Chenxi Petrochemical
  - Zibo Yongxin Chemical
  - Shandong Huaxing Petrochemical Group
  - Shandong Changyi Petrochemical
  - Shandong Zhenghe Group
  - Shandong Dongming Petrochemical Group
  - Shandong Lijin Petrochemical
  - Shandong Kenli Petrochemical
  - Shandong Chambroad Petrochemicals
  - Shandong Hengyuan Petrochemical
  - Shandong Huifeng Petrochemical
  - Shandong Qingyuan Group
  - Shouguang Luqing Petrochemical
  - Shandong Tianhong New Energy
  - Dongying Yatong Petrochemical
  - Shandong Yuhuang Chemical
  - Dongying Dongfang Hualong Industry & Trade Group

3. Outlook for China’s independent refiners
3.1 Profitability of independent refiners in 2013
3.2 Utilisation of independent refiners in 2013
3.3 Expansion plans of independent refiners in 2013
3.4 Demand for imported SRFO from independent refiners in 2013

4. Oil logistics facilities
4.1 Major oil ports and jetties in Shandong
4.2 Major oil ports and jetties in east and south China
4.3 Oil transportation and logistics in inland China

1. CFR prices for medium sulphur 180cst fuel oil in east and south China (2011-2012)
2. Spot wholesale prices for medium sulphur 180cst fuel oil in east China (2011-2012)
3. Monthly imports of SRFO into east China and Shandong (2011-2012)
4. Fuel oil inventory in China’s coastal areas (2011-2012)
5. Operating rates of Shandong independent refineries (2011-2012)
6. Refining margins of Shandong independent refiners (2011-2012)
7. List of Shandong independent refiners (2012)
8. List of fuel oil importers under state-operated and non-state-operated category (2012)


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