China Oil and Gas Report - Business Monitor International - Industry Reports

China Oil and Gas Report

China Oil and Gas Report - Business Monitor International - Industry Reports
China Oil and Gas Report
Published Aug 06, 2016
115 pages — Published Aug 06, 2016
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Abstract:

BMI View: China s newly adopted --th Five-Year Plan for the years ---- to ---- reaffirms our long-held view that cleaner energy sources, notably natural gas, will claim a greater share of the country s total energy mix over the coming years. The plan s emphasis on greater private participation and privatisation reiterates the government s commitment to reforming its oil and gas sector at a time when spare capacity is putting a lot of pressure on the operations of its heavy industry SOEs. ...Details released to-date underscore China s commitment to deeper reforms in several key sectors, including oil and gas (O&G). In particular, it reaffirms our long-held view that cleaner energy sources, such as natural gas, will claim a large share of the total power mix over the coming years, as China pursues a more sustainable and environmentally conscious means to economic growth, rather than the previously favoured growth-at-all- costs strategy. Moreover, it suggests that the government s ongoing rhetoric regarding the de- monopolisation of its O&G sector is on course to be realised, paving the way for more private sector inclusion and greater reforms of SOEs. ...In particular, it reaffirms our long-held view that cleaner energy sources, such as natural gas, will claim a large share of the total power mix over the coming years, as China pursues a more sustainable and environmentally conscious means to economic growth, rather than the previously favoured growth-at-all- costs strategy. Moreover, it suggests that the government s ongoing rhetoric regarding the de- monopolisation of its O&G sector is on course to be realised, paving the way for more private sector inclusion and greater reforms of SOEs.

...China s crude oil production is set fall by -.- between ---- and ----, as low oil prices, natural declines at mature onshore fields and shifting policy focus in favour of natural gas drag on overall output. In contrast, the outlook is more positive for gas, as we expect output to grow by more than --.- over the next five years, as SOEs step up gas developments to abide by national directives. ...China is set to add about -.-mn b/d of new refining capacity over the next five years, though heavy underutilisation of existing capacity indicates substantial scope for downsizing. An apparent oversupply of refined fuels such as gasoline and diesel will hinder near-term crude imports, though stockpiling requirements and falling production will see off-take rebound in the medium-to-long term. The granting of additional import licenses to the independent teapot refineries will also provide a key support to demand. Gradual liberalisation of the LNG trade market will allow smaller, independent players to participate in LNG imports, posing upside risk to our already buoyant gas imports outlook for China. However, the expected ramp-up in import volumes from Turkmenistan and Russia will see pipeline gas maintain its dominance over LNG.

...Another principle emphasised in the --th FYP is that of openness, as China seeks to create an environment conducive to greater market competition and increased private investment in several national monopoly sectors, including O&G. The government is looking to decrease its role in the sector over the coming years, and instead plans to create more room for private investment to fill the void. ...

  
Source:
Document ID
1748-3891
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "China Oil and Gas Report" Aug 06, 2016. Alacra Store. Dec 07, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/China-Oil-and-Gas-Report-2026-93>
  
APA:
Business Monitor International - Industry Reports. (2016). China Oil and Gas Report Aug 06, 2016. New York, NY: Alacra Store. Retrieved Dec 07, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/China-Oil-and-Gas-Report-2026-93>
  
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