Recently, Shandong Refinery Energy Group Co., Ltd. (hereinafter referred to as: Shandong Refinery) business registration information changes, Shandong Qingyuan Group, Luqing Petrochemical, Xinyue Ranhua three shareholders chose to withdraw.
Shandong Qingyuan Group Co., Ltd. (hereinafter referred to as Qingyuan Group) withdrew from its investment in Shandong Refining and Chemical, with a shareholding of 12.2% before withdrawing. Along with it, Shandong Shouguang Luqing Petrochemical Co., Ltd. (with a 7.8% shareholding before exit) and Wudi Xinyue Fuel Chemical Co., Ltd. (with a 7.26% shareholding before exit) are also withdrawing from Shandong Refinery.
Capacity integration has not solved the fundamental problems of the industry
Shandong Refining and Chemical is guided by the government, voluntary and market-oriented operation of the enterprise, originally planned to achieve "high-quality development" by integrating the scattered production capacity in the province, and integrating 80% of local refining within 6 years.
Shandong has occupied the status of "One Brother" for a long time in China's refining and chemical industry. Data show that the current crude oil processing capacity of Shandong Province is 210 million tons per year, accounting for 28% of the country's total crude oil processing capacity. Among them, the local refining capacity is 130 million tons / year, accounting for 70% of the country's total refining capacity. But most of Shandong's refining and chemical-related companies are at the lower end of the value chain.
As large domestic refining and chemical projects compete, the domestic demand for refined oil continues to decline, the oversupply of oil products is increasingly intensified, and environmental protection policies and refined oil market management are becoming stricter. Fall into a new development dilemma.
According to the description of the Shandong Refining and Chemical Group's official website, after five years to 2022, the group will integrate and form an annual processing capacity of 90 million tons of crude oil, achieve 500 billion sales revenue, 100 billion profit and tax scale, and the development pattern of multiple industries is clear and taking shape. It has become an "industry top 500" enterprise group with international influence and domestic contribution to industry and financial holdings.
But although the wish is good, the reality is very skinny.
After its official listing in 2017, Shandong Petrochemical became mysterious in the petrochemical circle. Various indications show that the emergence of Shandong Refining and Chemical Industry was promoted by Dongming Petrochemical Company, and it placed more importance on the use of imported crude oil quotas.
According to industry analysts, in the context of excessive domestic refining capacity and the intensive construction of integrated large-scale refining and chemical projects, the competition and cooperation between oil refining companies is also more complicated. Due to the complicated interests, integration is very difficult.
At the same time, each shareholder unit of Shandong Refining and Chemical Group is an independent legal person, and most of them are competitors. The establishment of the new group has no impact on the management team, tax payment channels, and management system of each unit. This loose integration has failed The substantial benefit of each shareholder unit also reduces the enthusiasm of participating companies.
Industrial integration is still the future trend
Obviously, a single refinery does not have a competitive advantage. Shandong Dilian not only faces competition with the "three barrels of oil", but also has high-quality production capacity in the newly established seven petrochemical industrial bases in the country. Market competition is fiercer, and a single refinery does not have a competitive advantage.
Although the development of Shandong Refining and Chemical Group has encountered obstacles, the general trend of the integration of Shandong's local refining industry has not changed.
According to the plan, the Shandong petrochemical industry will "suppress small and increase large" and "low down and increase high", gradually shut down the refining capacity of less than 3 million tons per year, and further shut down the capacity of less than 5 million tons per year, and complete the integration transfer by 2022 A total of 22 local refining companies have been completed, 50% of which will be completed this year to promote the integration of refining and chemical development and develop high-end and fine chemical projects.
Dongying has also issued a "Dongying City 2020 National Economic and Social Development Plan", which clarifies that Dongying will build a 10 million-ton oil refining plant and build a second-stage 10 million-ton refining and chemical integration project in due course. This is the second large-scale refining and chemical integration project in Shandong province, after the approval of the Yulong Island 40 million tons / year refining and chemical integration project.
About Shandong Refinery Energy Group Co., Ltd.
Shandong Refining and Energy Group, led by core enterprises, operates in a market-oriented manner, and is organized by the government at all levels to provide guidance and support. It mainly operates high-end petrochemical, chemical logistics, engineering technology, basic refining and other industries. Shandong Dongming The petrochemical group and other private refining and chemical companies and the Blue Economic Zone (Qingdao) Industrial Investment Fund Management Co., Ltd. initiated the establishment. The first phase of the registered capital was 33.19 billion yuan. The first shareholders were Shandong Dongming Petrochemical Group Co., Ltd. and Shandong Tianhong Chemical Co., Ltd. Company, Shandong Qingyuan Group Co., Ltd., Shandong Shouguang Luqing Petrochemical Co., Ltd., Jiangsu Xinhai Petrochemical Co., Ltd., Wudi Xinyue Fuel Chemical Co., Ltd., Blue Economic Zone (Qingdao) Industrial Investment Fund Management Co., Ltd. Fund ") and 8 other companies.