Imported Fuel Oil to Remain Dominant in China According to 'Production & Market of Fuel Oil in China' Report
Posted on: Wednesday, 27 February 2008, 00:00 CST
Research and Markets (http://www.researchandmarkets.com/reports/c84112) has announced the addition of "Production & Market of Fuel Oil in China" to their offering.
Fuel oil demand in China to decrease in 2007
Demand for fuel oil in China rose 8.8 percent annually from 2002 to 2006, primarily driven by petrochemical, transportation and building materials growth, as well as electricity and metallurgy development. In 2006, China consumed 480 million tons of fuel oil, being the largest consumer of fuel oil in Asia. Since 2004, demand for fuel oil in China keeps decreasing, and it will keep decreasing in 2007 because of its high price, and declining demand of fuel oil from power generation, etc.
Imported fuel oil to remain dominant in China
More and more domestic demand of fuel oil has to be fulfilled by imported fuel oil because of the limited supply of homemade fuel oil. Especially in recent years, the economy in East China and China's coastal regions has developed fast, and the demand for fuel oil in these regions soared. But these regions are lack of energy supply, this pushes China to import more fuel oil. In 2004, China imported 30,000,000 tonnes of fuel, while in 1995 the number was just 6,000,000 tonnes.
South China to become the region with largest consumption in China
South China is expected to enjoy the largest fuel oil market share. The South China, around Pearl River Delta, is the largest regional market, accounting for about 40% of fuel oil use, based on the region's advantages of a manufacturing base, more developed technologies and wealthier consumer market. The second largest regional market, the East around Yangtze River Delta, consumed slightly less than one-third of total national demand.
This share will shrink slightly due to high production cost and the competition from LNG in Guangdong province.
Transportation to be the largest consumption field
In 2006, transportation industry consumed 10,564kts of fuel oil, surpassing electricity industry to become the largest consumer of fuel oil in China. Electricity used to be the largest consumption field of fuel oil in China, whose consumption volume of fuel oil kept ranking No.1 before 2006, but its fuel oil consumption volume decreased year by year since 2004, because of high price of fuel oil and the competition from coal and LNG.
Study coverage
It presents historical demand data as of 2006 and forecasts to 2007 by demand and output. The study also takes into consideration market factors, evaluates market share and profiles major players.
Companies Mentioned:
Jining Dalian West Pacific Petrochemical Co., Ltd.
Shandong Huaxing Petrochemical Group Co., Ltd.
Sinopec Taizhou Lingguang Group, CNOOC Ningbo Daxie Petrochemical Co., Ltd.
Shanxi Yanchang Petroleum (Group) Co., Ltd
For more information visit http://www.researchandmarkets.com/reports/c84112
Source: Business Wire
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