China to become the world's largest oil refining and ethylene producer by 2022

It is expected that the rapid growth of refining capacity will continue in 2022
.
In 2021, China's ethylene capacity will soar by 8.
5 million tons per year, and the ethylene equivalent self-sufficiency rate will increase significantly to 66.
2%
.
It is estimated that in 2022, China will become the world's largest producer of oil refining and ethylene, but the large but not strong and excess refining capacity will restrict the effective development of China's refining and chemical industry
.

According to China Economic Net, recently, the Economic and Technological Research Institute of China National Petroleum Corporation released the latest annual "Report on the Development of Oil and Gas Industry at Home and Abroad"
.
The report pointed out that China's refining capacity continues to grow rapidly, and by the end of 2021, it has caught up with the United States, reaching 910 million tons per year.
It is expected that the rapid growth of refining capacity will continue in 2022
.
In 2021, China's ethylene capacity will soar by 8.
5 million tons per year, and the ethylene equivalent self-sufficiency rate will increase significantly to 66.
2%
.
It is estimated that in 2022, China will become the world's largest producer of oil refining and ethylene, but the large but not strong and excess refining capacity will restrict the effective development of China's refining and chemical industry
.

The report pointed out that the main keynote of the development of the oil and gas industry at home and abroad in 2021 is recovery and transformation, which will continue in 2022
.
However, the international environment is more complex and severe, and instability and uncertainty have become an important feature of the industry this year.
Risks in recovery and transformation will become an important part of the industry to guard against
.

Li Ran, senior economist at the Oil Market Research Institute of the Economic and Technological Research Institute of China National Petroleum Corporation, said that in the past year, the international oil market has recovered significantly, and the average price of Brent crude oil has risen sharply to US$70.
95 per barrel, an increase of 64.
18%; It will fluctuate at a high level, and the possibility of short-term oil prices exceeding the historical high level cannot be ruled out
.
In 2021, gas prices in Europe, Asia and the United States, the three major global natural gas markets, will skyrocket
.

In 2021, the apparent domestic oil consumption will show a negative growth that is rare in recent years, and the foreign dependence on oil will drop to 72.
2%
.
During the same period, domestic natural gas consumption increased by 12%, and foreign dependence rose to 46%; the growth rate of natural gas consumption is expected to slow down in 2022
.
In 2021, the investment in domestic oil and gas exploration and development will be increased, the key points will be maintained and the benefits will be promoted.
The oil and gas production and reserves will continue to increase.
The crude oil production will increase by more than 2% to 199 million tons, and the natural gas production will exceed 200 billion cubic meters for the first time; The domestic oil and gas exploration and development will continue to accelerate the development trend.
The "Guiding Opinions on Energy Work in 2022" recently issued by the National Energy Administration clarifies the specific indicators.
The output of crude oil is about 200 million tons and the output of natural gas is about 214 billion cubic meters
.

"The oil and gas industry will pick up as a whole in 2021, and the operating performance indicators of oil companies will rebound significantly
.
As countries put forward carbon neutrality goals and related commitments, the transformation and development of oil companies has accelerated significantly.
The upstream focus is 'oil to gas', and the downstream focus is 'oil conversion'.
According to the company's own actual situation, selectively developing new energy business on a large scale has become a major trend in the transformation and development of oil companies
.
" Huang Yingjia, an economist at the Petroleum Market Research Institute of China National Petroleum Corporation Economic and Technological Research Institute, introduced
.

Experts pointed out that the uncertainty of the operation and development environment of the oil and gas industry has increased sharply this year, and risk prevention will become an important annual feature of the industry's development
.
China will continue to introduce more promotion policies around ensuring supply, fairness and low-carbon development
.
At the same time, in response to the deviations in the development of the previous period, the policy orientation will also be adjusted accordingly to guide the energy industry to establish first and then break through, and better play the basic role of fossil energy in the transition period
.