China＇s former WPC director passed way

Dr. Hou Xianglin, China＇s famous oil refining and chemical expert, former vice minister of petroleum industry, academician of China＇s Academy of Sciences and academician of China＇s Engineering Academy, passed away in Beijing on December 8, 2008, Beijing time. In his early years, Dr. Hou Xianglin went to the United States to study chemistry. Dedicated to the oil refining and petrochemical industry all his life, Hou is one of the founders of China＇s oil refining and chemical technology. With a wide range of knowledge, he not only made remarkable achievements in his professional technological career but also paid close attention to China＇s international cooperation in the petroleum and petrochemical field. During his term as vice minister of petroleum industry, Hou made tenacious efforts for China＇s membership of World Petroleum Council. When China became a WPC member nation in 1979, Hou assumed the position as director of China National Committee of WPC, which he had held for 19 years. He committed himself to China＇s international exchange and cooperation in the petroleum and petrochemical field. When he was discharged from director of China National Committee of WPC, he has been honorary director of the committee.     

Progress and Outlook on Technologies for Processing Inferior Crude Oil in China

The recent growth of the global petroleum refining industry and the main technologies and measures for China to process inferior crude oil were introduced. The main technologies and measures include the control over equipment corrosion induced by sour and acidic crude, in particular the corrosion of atmospheric and vacuum distillation units, the development of technology for processing inferior residue, and the development of desulfurization technology and sulfur recovery technology in the course of processing of petroleum products. In order to meet the needs for national economic development, China＇s refining enterprises will uninterruptedly develop and prefect technologies for processing inferior crude, enhance the process and equipment management, sum up the experience for better processing of inferior crude, so as to provide high-quality oil products and petrochemical feedstocks to public with better economic return.     

Panorama of China＇s Petroleum Imports and Exports in 2006

The year of 2006 saw the petroleum imports increase considerably in China since the rapidly developed economy had an urgent demand for fuels. China＇s economy has been developing at the high rate of more than 10% for four consecutive years since 2003. The gross domestic product （GDP） rose by 10.7% in China in 2006, which is the highest speed since 1999. China＇s demand for oil products increased more rapidly in 2006 than in 2005 and its apparent demand for main oil products was 6% higher, which was almost equal to the increment of the processing capacity of domestic oil refining plants. China＇s import of crude oil has been rising for five consecutive years due to the increased processing and refining capacities.     

China''''s Oil Industry Facing Challenge & Opportunity from WTO Entry

With ups and downs in the past 15 years, China was officially admitted into World Trade Organization in November 2001. China's entry into WTO inevitably poses a severe challenge to the country's domestic petroleum and petrochemical industry, which has been protected by means of tariff hurdles and other administrative measures for a long time. To fulfill the promises made to WTO, China will gradually deregulate the oil products market and crude import at home. However, China's crude recove…     

Chinese Oil Industry Faces New Challenges

Chinese petrochemical companies should gird for new challenges in three years, triggered by cost-competitive products flooding in from overseas, especially the Middle East countries. This advice was highlighted by company executives and association leaders during a discussion on the sidelines of a petrochemical conference organized by the China Petroleum and Chemical Industry Association in early April.[第一段]     

Sinopec Sees Sharp Profit Rise in First Half of 2013

The net profit of China Petrochemical Corporation （Sinopec Corp.）, China＇s largest oil refiner, rose 24.1 percent in the first half of 2013 from a year earlier, according to the statement released by the company in late August. Its net profit hit 29.42 billion yuan （US$4.77 billion） during the six-month period, and its sales revenue grew 5 percent to 1.42 trillion yuan, the company statement said. The rises in the company＇s revenue mainly resulted from the growth in domestic demand for petroleum and chemical products, and the country＇s improved price formation mechanism for product oil.     

A New Cultivation-Evolution Technology of Accident Immune Function for a Petrochemical Enterprise

For the purpose of developing an immune function on production accidents in a petrochemical enterprise, a new cultivation-evolution approach of preventive mechanism is suggested by analyzing various factors relating to immune deficiency syndrome and by referring to immunity genetic algorithm and relevant concepts applied in medicine science. Accident-immunity system for highly hazardous petrochemical enterprise, which is made up of its productive system＇s Safety Organ and Safety Organization, is typically an evolution-cultivation progress for immune function, The new B immune cell is generated after several layers＇ screening, clone expanding, receptor editing, organizing in immune system of work accident in petrochemical enterprise. There is a B immune cell with high appetency and a manipulative function chain for accident-immunity. Taking the antigen of accidents in industry as the target function and the immune antibody as the solution, the authors carried out a computation diagram for prediction of appetency between the antigen and antibody.     

Situation of Nation‘s Chemical I/E

The year of 2000 saw the nation‘s chemical industry achieving a total of 49.317 billion worth of import and export, an increase of 25% over the previous year (based on custom statistics).That was a year of the biggest increment in this regard during the “9th Five-Year Plan“ period, with the export hitting US$17.263billion, up 19.5% on a year-on-year basis, and the import soaring US$32.054 billion, up 48% year-on-year. The total import and export of petrochemical products in 2000 amounted to US$74.09 billion, going up by 48% as compared with the previous year,of which the import valued US$21.84 billion, a year-on-year increase of 32.11%, and export,US$52.25, up 53.36%.……     

Overview on Routes for Development of China''''s Petroleum Refining Technology

China has formed a complete and packaged system of domestic petroleum refining industry. Till 2020 the demand for petroleum products in China will record a sharp growth. However, China is currently confronted with a shortage of oil resources, unsatisfactory quality of petroleum products, a widening gap between demand and supply of steam cracking feedstocks, and a stern situation in environmental protection. In this context the petroleum refiners of China, while taking into account the actual conditions, should seek for the way of deep processing to produce transportation fuels and chemical feedstocks that can hardly be replaced by other energy forms, continue to bring into full play FCC process as core process for making finished oil products, speed up the development of hydrocracking to achieve integration between refining and chemical production, adopt measures that can combine feedstock pre-treatment, novel FCC technologies and after-treatment of products to improve the quality of finished products, as well as realize the recycling of wastewater and control over air pollution caused by SOx to accelerate the development of petroleum processing industry in China.     

Overview on Routes for Development of China＇s Petroleum Refining Technology

China has formed a complete and packaged system of domestic petroleum refining industry. Till 2020 the demand for petroleum products in China will record a sharp growth. However, China is currently confronted with a shortage of oil resources, unsatisfactory quality of petroleum products, a widening gap between demand and supply of steam cracking feedstocks, and a stern situation in environmental protection.In this context the petroleum refiners of China, while taking into account the actual conditions, should seek for the way of deep processing to produce transportation fuels and chemical feedstocks that can hardly be replaced by other energy forms, continue to bring into full play FCC process as core process for making finished oil products, speed up the development of hydrocracking to achieve integration between refining and chemical production, adopt measures that can combine feedstock pre-treatment, novel FCC technologies and after-treatment of products to improve the quality of finished products, as well as realize the recycling of wastewater and control over air pollution caused by SOx to accelerate the development of petroleum processing industry in China.     

More price records, more unrest and more refineries

This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'.
Oil prices continued to set new records despite a decision by OPEC to raise production by 0.5 mn bpd to 27.5 mn bpd from 16th March. On 1st April, WTI futures in New York set a new closing high of $57.27 a barrel, having traded earlier in the day at $57.70. IPE Brent remained just below its previous record, touching $56.15. Crude oil's strength pushed the official prices of some Asian crudes to record levels, including Malaysia's benchmark Tapis grade, which was set at $58.89 a barrel. Product prices rose to new highs as well. In New York, May heating oil reached $1.6638/gall and May gasoline settled at $1.7310 on 1st April, while, in Europe, gasoline rose to an all-time high of $558/t. The market's view on OPEC's decision was that the rise in output was too little, too late. Even a statement by the cartel's President, Shaikh Ahmad Fahd Al Sabah, that OPEC would consider a further rise of 0.5 mn bpd for May did nothing to calm fears.     

Even more price records, new refineries and a technical hitch at the IPE

This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'.
In a final burst before retreating, oil prices once again entered record territory. WTI went to $58.28 a barrel, while Brent shot up to $57.65. In Asia, meanwhile, Malaysia's benchmark Tapis grade climbed above $61.00. The scramble to buy crude oil finally began to show up in stock levels, however, and US inventory figures showing an 8% year-on-year rise at the start of April suggested that fears of a crude oil shortage were overplayed. Prices fell sharply leaving Brent and WTI just above $51.00 a barrel. An announcement by OPEC's president, Ahmad Fahad Al Sabah, that the cartel would produce an additional 500,000 bpd in May helped to relax fears further. Product prices remained relatively more robust on a combination of high demand in the US and Asia and unscheduled refinery maintenance in the US.     

Economics, fundamentals, technology, finance, speculation and geopolitics of crude oil prices: an econometric analysis and forecast based on data from 1990 to 2017

It is of real and direct significance for China to cope with oil price fluctuations and ensure oil security. This paper aims to quantitatively analyze the specific contribution ratios of the complex factors influencing international crude oil prices and to establish crude oil price models to forecast long-term international crude oil prices. Six explanatory influential variables, namely Dow Jones Indexes, the Organization for Economic Cooperation and Development oil stocks, US rotary rig count, US dollar index, total open interest, which is the total number of outstanding contracts that are held by market participants at the end of each day, and geopolitical instability are specified, and the samples, from January 1990 to August 2017, are divided into six sub-periods. Moreover, the co-integration relationship among variables shows that the contribution ratios of all the variables influencing Brent crude oil prices are in accordance with the corresponding qualitative analysis. Furthermore, from September 2017 to December 2022 outside of the sample, the Vector Autoregressive forecasts show that annually averaged Brent crude oil prices for 2017–2022 would be $53.0, $61.3, $74.4, $90.0, $105.5, and $120.7 per barrel, respectively. The Vector Error Correction forecasts show that annual average Brent crude oil prices for 2017–2022 would be $53.0, $56.5, $58.5, $60.7, $63.0 and $65.4 per barrel, respectively.     

Oil prices in 2005: reading the runes

The year 2004 ranks alongside 1973 and 1979 as one of the most dramatic in the history of oil. As in the other two oil shocks, oil prices rose to unprecedented heights and the year ended with markets in a state of nervous uncertainty. Between early February and late October the prices of most crudes rose by nearly 80%, pushing many of the key reference grades above $50.00 a barrel for the first time ever. On Friday 22nd October, West Texas Intermediate (WTI) crude was quoted at $56.30, whilst on the same day Brent reached $52.15. The following Monday, Malaysia's Tapis blend hit $55.50.     

Prices back up, sulphur problems and French on strike

This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'.
Oil prices eased during May until fears of a winter heating oil shortage in the US caused middle distillate and crude oil prices to strengthen, pushing Brent back above $50 a barrel by early June, whilst in the US, WTI figures futures topped $55. Concerns about winter heating oil so early in the year gave rise to fears of even higher prices by autumn. Venezuelan President, Hugo Chavez, stated meanwhile that "most OPEC members" thought $50 a "fair price" for crude oil.     

Oil and power industries targeted as war flares in Levant

More oil price records were set in July ( see 'The Month in Brief'). This time, the cause was the bombing of Lebanon by the Israeli airforce, following the abduction of two Israeli soldiers by Iranian-backed guerrillas from Hizbollah, operating from southern Lebanon. Brent and WTI futures both rose above $78 a barrel on fears that the fighting would spread to other Middle Eastern countries. Israeli aeroplanes bombed oil and electricity installations inside Lebanon, causing severe shortages. Rocket attacks by Hizbollah on the northern Israeli city of Haifa led to cuts in throughputs at a nearby refining and petrochemical complex.     

利用ARIMA模型预测2007年油价走势

运用Box-Jenkins方法，以2003年初至2006年末的WTI原油月平均价格数据为基础，借助统计分析软件，构建了ARIMA预测模型。利用该预测模型对2007年度的WTI油价走势进行了分析和预测，预测结果以预测值、预测下限和上限的区间数据形式表现出来。预测结果显示，2007年的WTI油价将继续维持高位运行状态，运行区间为60—70美元，桶，价格运行表现出受季节影响较为明显的特征。     

采用HFW精密焊管生产液压缸缸筒工艺研究

介绍了液压缸缸筒用钢管的欧洲标准EN 10305、美国标准ASTM A513/519和国标GB 8713现状,指出国产液压缸缸筒用焊接钢管标准的空白成为采用HFW焊管生产液压缸缸筒的制约瓶颈。比较了液压缸缸筒用钢管常用材质的化学成分和力学性能,认为Q345钢适合作为液压缸缸筒常用材质。阐述了目前液压缸缸筒的几种生产工艺,着重分析了新型HFW精密焊管作为管坯生产液压缸缸筒的工艺及其应用,指出GB/T 31315标准的实施将促进液压缸缸筒用HFW精密焊管的生产。     

Iraq goes to polls, China seeks more oil and UK worries about petrol

This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'.
Following a month in which US and British forces suffered their heaviest daily casualties, the Iraqi people voted in large numbers for a new national assembly ( see 'Focus'). Violence, however, continued after the election and oil installations were reported damaged, including a pipeline linking the Kirkuk oil field to the Baiji refinery and a further line between Baiji and the refinery at Daurah. The export line connecting Kirkuk to the Turkish Mediterranean port of Ceyhan was also hit. Sabotage to electricity installations affected oil pumping stations in the south of the country cutting production and forcing the Iraqis to announce a 10% cut in contract volumes of Basrah Light until the middle of the year. An official investigation into the UN-administered Oil-for-Food Programme concluded that the man in charge, Benon Sevan "repeatedly solicited" oil for a company called Africa Middle East Petroleum. A further report into other allegations of corruption in connection with the programme, which supervised export sales of Iraqi petroleum from 1993 to 2003, is due later this year. Relief at the apparent success of the Iraqi election caused crude oil prices to fall by about $3 a barrel. OPEC ministers did their bit for oil prices by agreeing not to cut output at their meeting on 30th January. Quotas remain unchanged at 27 mn bpd. The organization's target price band of $22-28 a barrel, however, has been suspended. A new one will be discussed in March. Kuwait announced it was to increase security at its oil installations following an attack by armed men in an area close to the emirate's largest refinery, at Mina al-Ahmadi.     

大庆油田提高原油采收率技术综述(英文)

Many EOR methods have been tested after water flooding in Daqing Oilfield.CO2,natural gas, micellar, microbial, steam, polymer and ASP flooding have been tested in the lab and field (some field tests have been performed). Most of the results are good. CO2、natural gas、micellar are not suitable to be used in Daqing Oilfield. Polymer flooding of pilots and industrial scale have been successful. The results of polymer flooding are related closely to the injection parameters and injection methods. The incremental oil productions are 100 to 140 tons of oil per ton of polymer injected. The oil recovery increased 10% to 14%OOIP. ASP flooding is successful. The cost of chemicals per barrel of incremental oil is $4.0 to $6.2.The incremental recovery is 18% to 20% OOIP over water flooding.Daqing Oilfield;Polymer flooding;ASP flooding