Core Viewpoint - The global chemical trade is shifting towards emerging Asian markets, particularly the Middle East, as the influence of the European market declines. Europe is expected to transition from a net exporter to a net importer of chemical products in the long term [1]. Group 1: European Market Decline - The European market is experiencing a continuous decline, with a decreasing labor force impacting local consumption and market vitality [1]. - The chairman of Helm AG, Stefan Schnabel, noted that the reduction in the labor force and consumer spending is directly suppressing the demand for chemical products in Europe [1]. - This decline in demand is creating more export opportunities for chemical-producing countries with excess capacity, such as the Middle East and East Asia [1]. Group 2: Future of European Chemical Industry - Udo Lange, CEO of Stolt-Nielsen, indicated that Europe is likely to become a net importer of chemical products in the long run, as capital expenditure in the chemical industry continues to flow out of Europe [1]. - Local factories are shutting down, and new investments are primarily directed outside of Europe, with little chance of these investments returning in the short term [1]. - The European chemical industry is expected to focus more on specialty chemicals production while gradually exiting the basic chemical sector [1]. Group 3: Upcoming Projects - By 2026, only one chemical facility is planned to be commissioned in the EU, which is a 1.5 million ton per year ethylene cracking unit by INEOS in Antwerp, Belgium [1].

Group 1 - The global petrochemical industry is experiencing a prolonged downturn due to trade headwinds, oversupply, and weak end-demand, lasting for four years, while Middle Eastern producers are expanding and diversifying into high-value product chains [1] - By 2028, the Gulf Cooperation Council (GCC) countries are expected to add over 20 million tons of petrochemical capacity through new and expanded projects, with Saudi Arabia and the UAE being the main drivers of this growth [1] - The GCC region's ethylene production accounts for 10.4% of the global total, with the petrochemical sector becoming the second-largest manufacturing industry in the region, generating over $108 billion annually [1] Group 2 - Recent investments in the Middle Eastern petrochemical industry show a trend of "slower growth but improved quality," focusing on world-class projects in high-value chains, particularly in ethylene and propylene [2] - The Borouge 4 polyolefins project in Abu Dhabi is nearing completion, with a core ethane cracking unit expected to produce 1.4 million tons of polyethylene annually by 2026 [2] - The Ras Laffan petrochemical complex in Qatar, set to begin operations by the end of 2027, will feature a 2.1 million tons per year ethane cracking unit, significantly increasing Qatar's petrochemical capacity [3] Group 3 - Saudi Arabia's petrochemical sector is actively expanding, with the Amiral project set for completion in 2027, featuring a 1.65 million tons per year mixed feed cracking unit [4] - Saudi Aramco aims to increase its crude-to-chemicals production from 1.8 million barrels per day to 4 million barrels per day in the long term [4] - SABIC is accelerating its investments in high-growth markets, including a new MTBE facility expected to be the largest of its kind globally, and a joint venture project in Fujian, China, with significant progress made [4]

Core Viewpoint - Indonesia's Ministry of Energy and Mineral Resources has signed a decree allocating a quota of 15.65 million kiloliters of palm-based biodiesel for the mandatory blending program in 2026, slightly higher than the 15.6 million kiloliters for 2025 [1] Group 1: Biodiesel Quota and Usage - The allocation includes approximately 7.45 million kiloliters for public services, such as public transportation, which are subsidized by the government [1] - The remaining 8.2 million kiloliters will be sold at market prices to the non-public service market [1] Group 2: Strategic Goals and Implementation - This initiative is part of Indonesia's strategy to reduce dependence on fossil fuel imports [1] - The current mandatory blending ratio for diesel is 40% (B40), with plans to increase it to 50% (B50) starting next year [1] - Road tests for B50 have commenced in early December and are expected to last about six months [1] - The Energy Minister indicated that mandatory B50 usage is likely to be implemented in the second half of 2026 [1] Group 3: Industry Impact and Supply Considerations - Industry groups estimate that the implementation of the B50 plan may require up to 19 million kiloliters of palm oil fuel annually [1] - To ensure sufficient domestic raw material supply for biodiesel production, Indonesia, as the world's largest palm oil producer, may regulate crude palm oil exports in the future [1] - Despite an increase in production, Indonesia's palm oil inventory decreased by 10% as of the end of October, while domestic consumption rose by 8.5% due to increased demand for biodiesel and food [1]

中化新网讯近日，达拉斯联邦储备银行发布的季度能源调查显示，美国核心产区的石油和天然气行业活 动在2025年四季度延续放缓趋势，企业整体情绪持续悲观。行业整体活动指数为-6.2，连续第二个季度 处于收缩区间。衡量企业未来信心的公司展望指数虽从-17.6小幅回升至-15.2，但仍深陷负面，且展望 不确定性指数仍高企于43.4，表明企业对经营环境的担忧未见根本好转。 此次调查共131家能源公司参与。总体而言，美国油气行业正处在从追求增长转向注重效率与韧性的拐 点。企业在控制成本、稳住产量的同时，对未来经济前景、政策及油价走势的担忧严重抑制了扩张意 愿，这种谨慎情绪已全面蔓延至投资与就业市场。 然而，油田服务业正持续承压。设备利用率指数停留在-12.2的低位，营业利润率指数深陷-31.7的负值 区间，服务价格指数也进一步下滑。这显示在上游企业控制开支的背景下，服务业正经历显著的"量价 齐跌"和利润挤压。 劳动力市场的降温是本次调查的突出变化。汇总就业指数从上一季度的-1.5急剧恶化至-10.8，员工工时 指数同步下降，明确显示行业就业岗位开始净减少且工作量下降。薪酬福利增长势头也明显减弱。 从生产层面看，勘探与生产企 ...

Core Viewpoint - Shell and INEOS Energy have confirmed a new oil and gas discovery in the Nashville exploration well located in the Norphlet deepwater play of the Gulf of Mexico, with Shell holding 79% and INEOS holding 21% working interest [1] Group 1: Discovery Details - The discovery is expected to be tied back to the nearby "Appomattox" production platform jointly owned by Shell and INEOS [1] - INEOS Energy's CEO, David Bucknall, stated that this discovery is a significant milestone for the company's offshore asset portfolio in the U.S. [1] Group 2: Strategic Implications - The discovery represents a positive outcome for INEOS Energy and marks important progress in responsible exploration and development in the resource-rich Gulf of Mexico [1] - The Nashville discovery is anticipated to enhance energy security and provide a reliable supply for many years to come [1]

Core Viewpoint - Daqing Oilfield is intensifying efforts to meet annual production targets through a series of strategic measures aimed at increasing oil output and enhancing operational efficiency [1][2][3]. Group 1: Production Strategy - The Daqing Oilfield's second oil production plant is in a critical phase to achieve its annual production goals, emphasizing a proactive approach to convert production pressure into motivation for increased output [1]. - A "battle for oil production" has been initiated, with a focus on responsibility, precise management, and the implementation of 24 specific measures across six major campaigns, including regular fracturing and maintenance [2]. - The plant is adopting an "engineering mindset" throughout the production process, establishing specialized teams to tackle production challenges and ensure effective implementation of measures [2]. Group 2: Problem Solving and Monitoring - The plant is actively identifying and addressing production bottlenecks, adhering to strict principles to ensure that issues are resolved promptly and effectively [3]. - A comprehensive monitoring system has been established, involving daily coordination meetings and performance analysis to ensure accountability and timely resolution of production issues [3]. - A multi-layered supervision system has been implemented to enhance safety and operational efficiency, ensuring zero accidents and pollution during the production campaign [3]. Group 3: Technological Integration - Despite the cold December weather, the enthusiasm for production remains high, with frontline workers conducting thorough inspections and maintenance of equipment to ensure operational readiness [4]. - The fifth production area is leveraging digital technologies to enhance oil extraction efficiency, achieving significant improvements in pump performance through various digital initiatives [4]. - The sixth production area is focusing on revitalizing shut-in wells by implementing targeted measures such as acid fracturing and water injection to boost production rates [5].

Core Viewpoint - The "15th Five-Year Plan" emphasizes the development of strategic emerging industries, including ultra-high molecular weight polyethylene (UHMWPE), which is becoming a focal point in the industry chain competition and is included in the 2024 national key R&D plan [1] Industry Overview - The UPE industry in China is experiencing rapid capacity expansion, with domestic UPE capacity expected to reach 731,100 tons by 2025, an increase of 32,700 tons within the year, representing a growth rate of 81% [2] - UPE is increasingly utilized in various strategic emerging industries, with the lithium battery separator becoming the largest application field, projected to demand 159,000 tons by 2025, accounting for 40.6% of total consumption [2] Future Growth Potential - UPE consumption in China is expected to reach 1,140,000 tons by 2030, with a compound annual growth rate of approximately 24% [3] - The demand for UPE is driven by increasing overseas market needs and domestic supply chain autonomy, particularly in the rapidly growing new energy vehicle and energy storage sectors [3] Market Positioning - The reliance on imports for high-end UPE products remains, with an average annual growth rate of 27% in UPE imports from 2016 to 2025 [4] - The launch of a 40,000 tons/year UPE project by Chengzhi Co. is a strategic response to the opportunity for domestic UPE production and aligns with national policies promoting technological self-reliance [4] Strategic Development - Chengzhi Co. aims to enhance its profitability and risk resilience by extending its industrial chain and optimizing its product structure in the chemical new materials sector [5] - The company recognizes that breakthroughs in processing technology for UPE products are essential for meeting future market demands [6] Industry Expectations - There is a consensus among downstream enterprises that while domestic UPE has rapidly developed in mid-to-low-end applications, there is still a performance gap in high-end applications such as medical and robotics [7] - Downstream companies express hope that Chengzhi's products will match or exceed the performance of foreign brands, particularly in terms of consistency and stability [7]

此外，永川作业区构建全链条保供体系，高质量完成浙江油田进气点建设及大唐燃机投运，对20余个配 气站输气压力等运行参数实施精细化管控，快速处置各类运行异常，保障管网平稳高效运转;根据冬季 用气高峰、供需失衡等关键场景，细化应急处置流程、强化资源统筹调配，持续提升应急响应的速度与 精准度，为稳定供气提供坚实保障。 在此基础上，永川作业区深化联动协作，建立常态化用户用气梳理研判机制，每周全面梳理用户需求动 态及管网运行状况，精准查摆工作堵点难点，明确下一步重点任务与优化方向;每月启动复盘工作，深 度研判市场变化趋势与用户用能规律，针对性优化下月供气方案与资源调配计划，不断提升销售管理的 精细化与规范化水平。 中化新网讯12月25日，中国石油（601857）西南油气田公司重庆气矿永川采输气作业区天然气单日销量 突破1000万立方米，创造历史最佳纪录。 面对激烈的市场竞争，永川作业区锚定年度销售目标，将产能建设作为核心支撑，系统谋划、精准施策 推进重点项目落地。该作业区先后高质量完成黄202脱水站灼烧炉改造、黄202H6增压气举一体机改造 等关键工程，同步加强黄202井区核心气源的日常运维与动态监测，通过优化生产参数、 ...

Core Viewpoint - The Hubei Provincial Federation of Trade Unions announced the list of talent cultivation candidates for the "Jingchu Craftsman" program in 2025, featuring nine employees from the petroleum and chemical industry [1] Group 1: Talent Recognition - Nine employees from various petroleum and chemical companies in Hubei have been selected for the "Jingchu Craftsman" talent cultivation program [1] - The selected individuals represent a range of companies, including Hubei Aerospace Jianghe Chemical Co., Ltd., Siji Saiwa Petroleum Drilling Equipment Co., Ltd., and China Petroleum & Chemical Corporation [1] Group 2: Company Representation - The recognized employees come from notable companies such as Hubei Jinshi Refining and Chemical Construction Co., Ltd., and China National Petroleum Corporation [1] - The list includes employees from both production and research sectors, highlighting the diverse talent within the industry [1]

今年以来，中国石化驻苏企业秉承"国企为国、在苏兴苏"理念，积极践行绿色发展理念，扛牢长江大保 护政治责任，深化标本兼治，动真碰硬整治环保顽瘴痼疾。这3家企业深入打好污染防治攻坚战，持续 挖掘节能减排潜力，深度治理异味，管控VOCs;加快推进节能降碳措施，扎实开展碳达峰行动，协同推 进降碳、减污、扩绿、增长，高质量建成投用一批节能降耗减碳项目，为创建江苏省绿色工厂奠定了坚 实基础。 中化新网讯 近日，江苏省工信厅公布2025年度江苏省绿色工厂名单，扬子石化、金陵石化、中石化南 京催化剂公司3家中国石化驻苏企业成功入围。 ...