Industry News
Environmental protection is becoming increasingly strict, and the demand for domestic petroleum processing market is strong
Analysis of Development Trends in the Petroleum Processing Industry
Market demand continues to grow: With the development of the global economy and the rise of emerging market countries, the demand for energy continues to increase. As a key link in energy supply, petroleum processing enterprises continue to expand their product sales market. According to the "2024-2029 Development Analysis and Feasibility Assessment Report on Investment Prospects of Key Enterprises in China's Petroleum Processing and Industry", the crude oil processing volume in China reached 730 million tons in 2023, an increase of 9.3% year-on-year, indicating strong market demand.
Intense industry competition and increased concentration: Oil processing enterprises face fierce industry competition, and large oil companies expand their scale and increase market share through mergers and acquisitions. For example, the number of refineries with millions of tons or more in China has increased to 36, and the average refining capacity of a single unit has reached 6.41 million tons/year, further narrowing the gap with the world average level.
Slowing growth rate of refining capacity: Analysis of the development trend of the petroleum processing industry mentions that under the "dual carbon" goal, the industry environment is constantly changing, and policy supervision is gradually becoming stricter, resulting in a slowdown in the growth rate of petroleum processing capacity. As stated in the Action Plan for Carbon Peak before 2030 released by the State Council, the domestic crude oil processing capacity will be controlled within 1 billion tons per year by 2025.
The future development direction of the petroleum processing industry
With the increasing awareness of environmental protection and the strengthening of environmental supervision, the petroleum processing industry will pay more attention to green and low-carbon development. Enterprises need to strengthen the construction and management of environmental protection facilities, reduce environmental pollution, and improve energy utilization efficiency. The industry's requirements for low-carbon environmental protection will further increase, and enterprises need to develop renewable energy and low-carbon petroleum products to cope with the rise of new energy. The release of the Blue Book for Green Development in China's Petroleum and Chemical Industry from 2023-2024 provides data support and decision-making reference for the industry's green transformation and upgrading, and will promote the industry's development towards a more green and low-carbon direction.
The analysis of the development trend of the petroleum processing industry indicates that petroleum processing enterprises will actively explore diversified development paths, carry out research and production of new energy industries and petrochemical products, in order to expand their business areas and improve market competitiveness. At the same time, the industry will accelerate the pace of intelligent transformation, improve production efficiency and reduce costs through digital transformation and the application of intelligent technology. The 2024 China Petroleum and Petrochemical Enterprise Information Technology Exchange Conference and the Oil and Gas Industry Digital Transformation Summit Forum have promoted the deep integration of the petroleum and petrochemical industry and digital technology.
In summary, the petroleum processing industry is developing towards diversification, greening, and intelligence driven by multiple factors such as sustained market demand growth, technological innovation, increased environmental protection requirements, and policy regulation. In the future, petroleum processing enterprises need to actively respond to market changes and policy adjustments, strengthen technological innovation and green development, in order to achieve sustainable development.
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