According to the latest report from the State Council Development Research Center, China's oil consumption this year is expected to reach 328 million tons, marking the country's entry into the ranks of global major oil consumers. Academician Yuan Qingzhuo, an academician of the Chinese Academy of Engineering and chief engineer at Sinopec, highlighted that resource shortages, an unbalanced industrial structure, high production and distribution costs, and low profitability are significantly hindering the growth of China's petrochemical industry. He emphasized that accelerating industrial restructuring is essential to enhancing competitiveness.
Globally, oil consumption currently stands at around 4 billion tons, with the top six oil-consuming countries—United States, Japan, China, Germany, Russia, and South Korea—accounting for half of the world’s total usage. Yuan Qingzhuo noted that by 2020, China’s refined oil demand is projected to be 2.3 times that of 2000, while the demand for three key synthetic materials will surge to 3.2 times the 2000 level. However, domestic oil production has only grown by about 0.9% annually in recent years, far below the rising demand for refined products. Additionally, the refining and chemical industry faces challenges such as insufficient deep-processing capacity, limited production of high-octane components, and inadequate hydrocracking and hydrotreating capabilities, which hinder the output of chemical light oil needed for future development.
In 2002, the average net cash profit for 18 major Chinese refineries was only 0.92 yuan per unit of equivalent distillation capacity, lower than the Asia-Pacific average. Meanwhile, the ethylene cash operating cost for major petrochemical companies was approximately $150 per ton, 10% higher than the regional average.
To address these issues, Yuan proposed several key adjustments. First, the country should reorganize its refining layout based on future crude oil resources and product demand, creating a coordinated development model aligned with regional economies. Refineries should be located closer to consumer markets, ensuring efficient resource supply and convenient access. The goal is to establish refinery industrial zones in the Bohai Bay, Hangzhou Bay, and the Pearl River Delta by 2020, supporting regional economic growth.
Second, the industry must adjust equipment and product structures, increasing deep-processing capacity, optimizing processing technologies, and boosting light oil yields. It should also maintain a balanced ratio of diesel and gasoline, as well as ensure an appropriate mix of high-grade gasoline and vehicle diesel.
Third, the development of alternative fuels and natural gas-based chemical vehicles should be accelerated to adapt to changing resource availability and market demands. These measures aim to strengthen China’s position in the global energy landscape and ensure sustainable growth in the petrochemical sector.
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