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The Chinese Market has Become a Battleground for the World
The Chinese Market has Become a Battleground for the World's Oil Producers
Recently, a group of oilmen from the Middle East, Africa, and other places are active in the refining enterprises in our country, they are whether the oil companies or on behalf of the government, to promote their country’s crude oil in China. China has become the battleground of the producers.

Angola's oil minister assistant Liguo Zhang told reporters that they have been in contact with China's private enterprises, they are very bullish on China corporation demand for crude oil after the permission of importing crude oil for private companies. At present, they have invited the relevant person in charge of Dongming petrochemical to Angola, hoping more private companies to buy Angola crude oil. For Chinese enterprises, cooperated negotiation has a great advantage; For Angola, building long-term contracts is their biggest concern. At the same time, suffer from the lack of refining enterprises, Angola country also hopes to find a large product oil, asphalt country traders, to supply asphalt and oil products such as diesel, gasoline, jet fuel.

Almost at the same time, an oil trader from Iraq also "marketed" their oils to journalists.The oilmen told reporters that they have oil from Iraq and Nigeria's state oil company. The supply price use the average value price of the day before the loading date, the shipment date and the day after the date of loading with the dollar.

A Nigerian oil trader expressed his strong desire to "sell oil" in China. He told reporters that current China's refining enterprise demand for oil is increasing year by year, his company can provide 2 million barrels of oil per month, cargo can arrive in Qingdao port with lower oil prices.

The reporter heard that since last year, Brazil, Angola, Qatar, Ecuador, Venezuela, Kazakhstan and other countries have signed the agreements with China, to seek an omnidirectional and multi-channel oil exporting, which is a good way to lay a solid foundation for a stable oil market.

In addition, some oil-producing countries are also known to build factories in China that can produce high-sulfur crude in a joint venture. The Saudi state oil company is working with Sinopec and ExxonMobil to invest $5 billion to build an oil refinery in Fujian province. Kuwaiti oil company also agreed a $9 billion deal with Sinopec to build an oil refinery in Guangdong province. The United Arab Emirates haven’t yet reached an agreement to build an oil refinery in China, but the ABU Dhabi national oil company in the United Arab Emirates will sign an oil and chemical project agreement with PetroChina.

According to the latest data provided by China Institute of petroleum economics and technology, in 2017, domestic oil consumption turnaround, with about 396 million tons net oil imports for the whole year, up 10.8% from a year earlier, the growth rate is 1.2% higher than the previous year. In 2017, the external dependence of oil reached 67.4%, up 3% from the previous year. In 2017, the total quota of imported crude oil is over 100 million tons, and the import volume has increased for a continuous five years.
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