SINGAPORE, Sept. 11, 2019 /PRNewswire/ -- The year 2019 is a transition point of China's energy industry for high-quality growth. This year witnesses the booming investments in refinery petrochemical complexes, natural gas marketization, and relocation or upgrade production facilities in various regions for environmental concerns, etc.
This year also sees changing international environment and a volatile energy industry. As a key player in the global market, China's petrochemical industry maintains a strong growth driven by innovation as well as challenges and market opportunities.
SCI successfully held the 2nd SCI China Oil, Gas & Petrochemical Seminar in Carlton, Singapore on September 9th. Over 100 delegates and industry analysts from more than 80 companies attended the seminar and exchanged ideas on hot topics, such as industry policies, market insights and outlook, and growth trend of China's oil, gas and petrochemical markets.
John Cai, CEO of SCI, delivered the opening speech and expressed his gratitude to all participants for their support. He said that the core value of SCI is to help all market players to get real-time, accurate and precise facts on Chinese commodity spot market. John also elaborated on the overall performance of China's energy market, emphasizing that China is promoting the opening-up of financial and service sectors. There would be stronger ties between commodity derivatives and the spot markets in China, presenting higher demand for data. According to John, SCI will insist on "speaking the truth". "Our mission is to bring the transparency to the market through our products and services. We just started and will never give up", he added.
SCI's analysts James Gao, Elyssa Zhang, Angel Chen and Woody Wu made keynote speeches on oil refining (bunker), LPG, aromatics and LNG respectively. They identified the outlook and opportunities confronting China's oil, natural gas and petrochemical markets with analysis on supply-demand fundamentals and policy changes.
James Gao briefed on China's refining-chemical complexes, oil refining industry trend as well as the low-sulphur bunker market. China's oil refining industry is facing oversupply as a result of excessive capacity expansion. The industry faces upgrading with two key drivers. First, many refining-chemical integration projects are underway, bringing in advanced production technologies and management capabilities. Second, the global demand for low-sulphur bunkers will bring great opportunities to China's bunker market. It draws close attention as how China's refineries responding to IMO's (International Maritime Organization) new regulations on low-sulphur bunkers.
Elyssa Zhang analyzed China's propane and PDH markets and gave forecast on propane imports. Impacted by the recent changes in global crude oil market and the 25% tariff imposed by China on US propane, China's propane market faces a hard time. However, China's propane import is still driven strongly by increasing propane deep-processing demand.
Angel Chen briefed the audience on changes and opportunities in China's aromatics market. China is playing a bigger role in the global aromatics market with the rising capacity. Seminar participants showed strong interests in the expected time of production and profitability of emerging projects. According to Angel, the import dependency of aromatics, especially PX, will greatly decline, after the new sites are online of Zhejiang Petrochemical and Dalian Hengli Petrochemical. As the value chain of Chinese producers extends to the downstream, the global trade flow will be changed to some extent.
China's natural gas market sees high-speed growth. Woody Wu made in-depth analysis on natural gas import, demand outlook, and the market status in 2018. China's natural gas marketization reform has entered the implementation phase, and the pipeline transport market is affected now. Following the rising natural gas demand and pricing mechanism changes, more and more global players keep an eye on China. The powerhouse of China's LNG market is shaping under the new situation.
After the two-hour speech and interaction sessions, the participants were well impressed by insights and professionalism of SCI's analysts. They also expressed great interests in the Chinese market and recognition on SCI's data and in-depth analytical reports.
All the speakers and audiences shared their thoughts and ideas during the four informative speeches. SCI has well established its image as a professional expert on China's commodity market. With this series seminar held in Singapore, SCI has successfully enhanced ties with global market participants. SCI endeavors to provide professional services and one-spot solutions helping industrial leaders to build competitive edges and explore business opportunities in the energy and petrochemical markets.
SCI provides services for 287 of the Fortune Global 500 companies. Adhering to our strategy of brand information for global clients, SCI wins recognition and trust at home and abroad. Over past 15 years, taking neutrality, professionalism, and focus as our guiding principle, SCI has extended business coverage to 673 categories of commodity markets. Furthermore, SCI works out more than 300 commodity indexes and establishes SCI Price Assessment Standard. SCI has brought clarity and transparency to the market and helped to create immense possibilities for economic growth and innovation.