The price of oil and gas may be released ahead of next month. Under the strong anticipation of “earthquake disasters will push up domestic raw materials and energy pricesâ€, the breakthrough in the price control system for refined oil products has recently accelerated.
In an interview with the Morning Post reporter yesterday, related parties disclosed that “the discussions on liberalization of price controls by the National Energy Administration, the National Development and Reform Commission, and the two oil and petrochemical giants have reached the final stage of sprinting.†The person said that if nothing unexpected happens, The price of oil gasification is likely to be released in early June.
"Opening up price controls will greatly curb the demand for refined oil in the domestic market."
The above-mentioned sources stated that the Sichuan earthquake disaster will inevitably push up domestic commodity prices, and the already high inflation rate will face new challenges. "At this time, it is necessary for the country to readjust its macro-control policies and release the pace of price controls so that it is also accelerating."
According to the source, the two petrochemical giants PetroChina, Sinopec and the National Energy Administration, the National Development and Reform Commission and other economic and regulatory authorities jointly negotiated to release price controls, and signs of speeding up have now appeared. “It was originally expected that the price control of oil and gas products would be released after August. It is now possible that this news will be announced in early June due to the sudden earthquake disaster.â€
The CNOOC yesterday issued a “notice of donations†that vaguely revealed signs of loosening of the price limit policy.
An announcement released yesterday by CNOOC revealed that over the next five years, they will donate 100 million yuan each year to help the Sichuan earthquake-stricken areas recover and rebuild, with special emphasis on building schools, hospitals, and other people’s livelihood facilities. An offshore investment bank stated that CNOOC's donation to the disaster area was 35 million yuan. "Through this announcement, we expect that CNOOC Limited will have full confidence in the performance of the next five years. If China's refined oil price control is not released, This guarantee will not be realized."
Credit Suisse upgraded CNOOC’s rating from “neutral†to “outperformed†in a study released on Tuesday (May 20).
When interviewed by an expert, Wu Jiandong, an energy expert, said that before the state’s financial subsidies for petrochemical companies were “dark coverâ€, “the state’s fiscal revenue, which was originally used to solve public utilities, is now used to subsidize individual companies. The ultimate beneficiaries of such In fact, there is a group with a certain income and a company with industrial production capacity. The result is that 'make up the wealth does not make up for the poor'."
Wu Jiandong pointed out that by liberalizing price controls, the price of refined oil products will rapidly increase, which will curb domestic aggregate demand, thereby reducing people’s speculative demand and thus eliminating inflationary pressures.
"Opening up price control will not only become a cost-inhibiting inflation that will suppress the earthquake, but will also become the mainstay of stabilizing the securities market again." Analysts of the above investment bank said that in the US subprime crisis When Citigroup's market value evaporated 40%, it was Exxon Mobil that became the "finding constellation" of US stocks, leading the US stock market to stability.
Further reading "Puguang Gasfield Project Process as usual"
The relevant person in the Office of the Secretary-General of Sinopec yesterday told the Morning Post reporter that the earthquake will not affect the progress of the company's Puguang Gas Field. CNPC also said yesterday that natural gas production in Sichuan Province has returned to 99% of the daily level before the May 12 earthquake.
According to available data, most of the petrochemical energy bases in China are gathered in the active area of ​​the Sichuan-Chongqing earthquake, including the 355.7 billion cubic meters of natural gas field Puguang Gas Field under the Sinopec Group and the Longgang Gas Field with a reserve of 700 billion cubic meters. Sichuan's natural gas production accounts for about one-fourth of China's total production. Even if it includes natural gas fields developed in Xinjiang, Sichuan is still the first province with China's natural gas reserves. On May 12, after the Wenchuan earthquake, major oil pipelines in PetroChina once stopped sending oil. Most of the gas wells in the Chuanxi gas field under Sinopec are closed, and most gas-using units have stopped production.
Puguang Gas Field is still in the initial construction stage. Sinopec has always wanted to take the Puguang Gas Field to challenge the monopoly position of PetroChina. Yesterday, the reporter learned from the relevant personage of the Office of Directorate of Sinopec that the Puguang Gas Field is located in the north of Sichuan and far away from the earthquake area and basically has not been affected. Another natural gas pipeline from Puguang to Shanghai has not been damaged. The staff member stated that the post-construction of Puguang Gas Field will be carried out as planned after the disaster.
Yesterday, the SASAC disclosed that the construction of the Sinopec Puguang Gas Field was normal; part of the CNPC Southwest Oil & Gas Field Drilling Team stopped the shutdown of some refining and purification plants; due to the temporary shutdown of industrial users in the middle and lower reaches of the oil and gas pipeline network, the company took urgent measures to reduce pressure. The gas volume is 1.7 million cubic meters per day, which ensures safe production. As of 12:38 on the 13th, the Lan Chengyu oil pipeline resumed oil transmission. Sinopec crude oil and refined oil pipelines (Yizheng-Changling crude oil pipeline and Southwestern refined oil pipeline) also maintained stable operation.
According to information disclosed by CNPC yesterday, the Wenchuan earthquake caused the Group's oil and gas fields, refineries, and sales companies in Sichuan, Sichuan, Shaanxi, and Gansu to suffer from disasters to varying degrees, and the company’s direct The economic loss exceeds RMB 1.7 billion; natural gas production in Sichuan Province has returned to 99% of the pre-disaster level.
Tang Qian, an analyst at BOC, believes that PetroChina holds the majority of its parent company China National Petroleum Corporation’s operating assets in China. Therefore, most of the above losses will be borne by CNPC. However, even if the company bears all the losses, these losses only account for 1.1% of its 2008 earnings forecast, and the impact is relatively small.
In an interview with the Morning Post reporter yesterday, related parties disclosed that “the discussions on liberalization of price controls by the National Energy Administration, the National Development and Reform Commission, and the two oil and petrochemical giants have reached the final stage of sprinting.†The person said that if nothing unexpected happens, The price of oil gasification is likely to be released in early June.
"Opening up price controls will greatly curb the demand for refined oil in the domestic market."
The above-mentioned sources stated that the Sichuan earthquake disaster will inevitably push up domestic commodity prices, and the already high inflation rate will face new challenges. "At this time, it is necessary for the country to readjust its macro-control policies and release the pace of price controls so that it is also accelerating."
According to the source, the two petrochemical giants PetroChina, Sinopec and the National Energy Administration, the National Development and Reform Commission and other economic and regulatory authorities jointly negotiated to release price controls, and signs of speeding up have now appeared. “It was originally expected that the price control of oil and gas products would be released after August. It is now possible that this news will be announced in early June due to the sudden earthquake disaster.â€
The CNOOC yesterday issued a “notice of donations†that vaguely revealed signs of loosening of the price limit policy.
An announcement released yesterday by CNOOC revealed that over the next five years, they will donate 100 million yuan each year to help the Sichuan earthquake-stricken areas recover and rebuild, with special emphasis on building schools, hospitals, and other people’s livelihood facilities. An offshore investment bank stated that CNOOC's donation to the disaster area was 35 million yuan. "Through this announcement, we expect that CNOOC Limited will have full confidence in the performance of the next five years. If China's refined oil price control is not released, This guarantee will not be realized."
Credit Suisse upgraded CNOOC’s rating from “neutral†to “outperformed†in a study released on Tuesday (May 20).
When interviewed by an expert, Wu Jiandong, an energy expert, said that before the state’s financial subsidies for petrochemical companies were “dark coverâ€, “the state’s fiscal revenue, which was originally used to solve public utilities, is now used to subsidize individual companies. The ultimate beneficiaries of such In fact, there is a group with a certain income and a company with industrial production capacity. The result is that 'make up the wealth does not make up for the poor'."
Wu Jiandong pointed out that by liberalizing price controls, the price of refined oil products will rapidly increase, which will curb domestic aggregate demand, thereby reducing people’s speculative demand and thus eliminating inflationary pressures.
"Opening up price control will not only become a cost-inhibiting inflation that will suppress the earthquake, but will also become the mainstay of stabilizing the securities market again." Analysts of the above investment bank said that in the US subprime crisis When Citigroup's market value evaporated 40%, it was Exxon Mobil that became the "finding constellation" of US stocks, leading the US stock market to stability.
Further reading "Puguang Gasfield Project Process as usual"
The relevant person in the Office of the Secretary-General of Sinopec yesterday told the Morning Post reporter that the earthquake will not affect the progress of the company's Puguang Gas Field. CNPC also said yesterday that natural gas production in Sichuan Province has returned to 99% of the daily level before the May 12 earthquake.
According to available data, most of the petrochemical energy bases in China are gathered in the active area of ​​the Sichuan-Chongqing earthquake, including the 355.7 billion cubic meters of natural gas field Puguang Gas Field under the Sinopec Group and the Longgang Gas Field with a reserve of 700 billion cubic meters. Sichuan's natural gas production accounts for about one-fourth of China's total production. Even if it includes natural gas fields developed in Xinjiang, Sichuan is still the first province with China's natural gas reserves. On May 12, after the Wenchuan earthquake, major oil pipelines in PetroChina once stopped sending oil. Most of the gas wells in the Chuanxi gas field under Sinopec are closed, and most gas-using units have stopped production.
Puguang Gas Field is still in the initial construction stage. Sinopec has always wanted to take the Puguang Gas Field to challenge the monopoly position of PetroChina. Yesterday, the reporter learned from the relevant personage of the Office of Directorate of Sinopec that the Puguang Gas Field is located in the north of Sichuan and far away from the earthquake area and basically has not been affected. Another natural gas pipeline from Puguang to Shanghai has not been damaged. The staff member stated that the post-construction of Puguang Gas Field will be carried out as planned after the disaster.
Yesterday, the SASAC disclosed that the construction of the Sinopec Puguang Gas Field was normal; part of the CNPC Southwest Oil & Gas Field Drilling Team stopped the shutdown of some refining and purification plants; due to the temporary shutdown of industrial users in the middle and lower reaches of the oil and gas pipeline network, the company took urgent measures to reduce pressure. The gas volume is 1.7 million cubic meters per day, which ensures safe production. As of 12:38 on the 13th, the Lan Chengyu oil pipeline resumed oil transmission. Sinopec crude oil and refined oil pipelines (Yizheng-Changling crude oil pipeline and Southwestern refined oil pipeline) also maintained stable operation.
According to information disclosed by CNPC yesterday, the Wenchuan earthquake caused the Group's oil and gas fields, refineries, and sales companies in Sichuan, Sichuan, Shaanxi, and Gansu to suffer from disasters to varying degrees, and the company’s direct The economic loss exceeds RMB 1.7 billion; natural gas production in Sichuan Province has returned to 99% of the pre-disaster level.
Tang Qian, an analyst at BOC, believes that PetroChina holds the majority of its parent company China National Petroleum Corporation’s operating assets in China. Therefore, most of the above losses will be borne by CNPC. However, even if the company bears all the losses, these losses only account for 1.1% of its 2008 earnings forecast, and the impact is relatively small.
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