China's Oil Industry and Market
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Table of contents
- Contentsxiii
- Forewordvi
- Prefacevii
- Acronyms and Initialsxi
- Conversion Factorsxii
- Table of Tablesxviii
- Table of Figuresxxiii
- Chapter 1. Economic and Political Outlook1
- 1.1 Economic Performance: Overview and Outlook1
- 1.2 Political Outlook21
- 1.3 Conclusion47
- Chapter 2. Oil Policy and its Impact49
- 2.1 Oil Industry Reforms51
- 2.2 Oil Pricing56
- 2.3 Oil Distribution Policy61
- 2.4 Oil Import Policy64
- 2.5 Conclusion73
- Chapter 3. Crude Oil Production75
- 3.1 Crude Production Levels, Onshore and Offshore76
- 3.2 Tarim Basin Exploration and Development97
- 3.3 Projected Crude Production102
- 3.4 Conclusion115
- Chapter 4. Refining Industry: Policy and Industry Prospects117
- 4.1 Crude Distillation and Conversion Capacity118
- 4.2 Overview of Refining Capacity Plans and Assessment of Actual Changes127
- 4.3 Refinery Yields and Output140
- 4.4 Oil Transportation150
- 4.5 Refining Policy152
- 4.6 Conclusion160
- Chapter 5. Petroleum Product Demand163
- 5.1 Oil in Total Energy Consumption165
- 5.2 Gasoline168
- 5.3 Diesel Oil181
- 5.4 Fuel Oil187
- 5.5 Other Refined Products194
- 5.6 Crude Direct Burn197
- 5.7 Total Petroleum Product Demand199
- 5.8 Conclusion210
- Chapter 6. Oil Quality and its Environmental Impact213
- 6.1 Crude Quality213
- 6.2 Environmental Impact219
- Chapter 7. Supply/Demand Balance: Implications for Trade227
- 7.1 Crude Oil Balance228
- 7.2 Petroleum Product Balance240
- 7.3 Can China Afford Import Expenses?258
- 7.4 Regional Oil Balance261
- 7.5 Conclusion266
- Chapter 8. China's Impact on the Asian Market267
- 8.1 Impact of Crude Imports on Regional Trade Flows and Crude Prices269
- 8.2 Impact of Product Fundamentals on Regional Supply/ Demand Balances274
- 8.3 Impact of Product/Crude Spreads283
- 8.4 Conclusion290
- Chapter 9. Conclusion291
- Appendix 1. Institutional Framework „ Who's Who in the Oil Industry295
- Appendix 2. Methodology of Demand Forecasts299
- I. Data299
- II. Gasoline Demand Forecast300
- III. Diesel Oil Demand Forecast304
- IV. Fuel Oil Demand Forecast305
- V. Jet Fuel Oil Demand Forecast309
- VI. Total Petroleum Product Demand Forecast310
- VII. Assumptions311
- References311
- Appendix 3. Statistics313
- Appendix 4. Oil Regulations and Official Contracts363
- I. Regulations of the People's Republic of China Concerning the Exploitation of Onshore Petroleum Re363
- II. Regulations of the People's Republic of China on the Exploitation of Offshore Petroleum Resource370
- III. CNPC's Contract Terms for 3rd Onshore Bidding Round377
- Appendix 5. Addresses, Phone Numbers, and Fax Numbers of Oil Companies383
- Bibliography and References391
- About the Author395
- Index397
The author analyzes the Chinese oil market and the rising pressure on Beijing to reform policies which constrain China's ability to meet soaring demand and to pay for crucial imports at a time of growing political and economic uncertainties. Dr Wang acknowledges the importance of China meeting its growing domestic oil demand, if at all possible, through national production. The sheer weight of China's population, and its burgeoning requirements as industrialization spreads into most regions, dwarfs the needs of others and places unprecedented strain on international oil trades.
The author stresses the fact that the outcome is hard to define, yet the time required to tackle the nation's energy needs is not limitless. Moreover, he reminds the reader of the perennial difficulty in meeting widely disparate economic and energy needs in different regions of the vast country.