来源：金融界AI电报 巴基斯坦最大的炼油商Cnergyico 副董事长Usama Qureshi周五表示，该公司将于10月份从Vitol公司进口 100万桶石油，这是巴基斯坦在达成具有里程碑意义的贸易协议后首次购买美国原油。库雷希说，这批 西德克萨斯中质轻质原油将于本月从休斯敦装船，预计将于 10 月下半月抵达卡拉奇。 ...

该信还批评了以下政策：EPA对小炼油厂豁免生物燃料掺混义务的处理方式；允许夏季临时性全国销售 高乙醇含量汽油的决定；以及对进口可再生原料征收的关税。 AFPM主席切特·汤普森在信中强调："我们理解部分政策旨在支持国内农业和生物燃料产业，但这些政 策不应以牺牲国内炼油行业和美国消费者利益为代价。" 目前，埃克森美孚和雪佛龙等综合型石油巨头凭借雄厚财力投资生物燃料生产，而PBF能源公司和CVR 能源公司等独立炼油商则抱怨这项亲农政策带来沉重成本负担，威胁其工厂生存。这封致众议院议长迈 克·约翰逊和参议院共和党领袖约翰·图恩的信件指出，现行能源政策将对美国炼油商、消费者以及特朗 普总统的"能源主导战略"造成负面影响。 信中称，EPA的这项生物燃料提案将使联邦法规合规成本达700亿美元。提案中关于降低进口生物燃料 原料价值的新条款也将推高合规成本。美国农民与部分石油行业人士就联邦生物燃料强制令长期存在分 歧，农民要求提高配额以支撑农作物需求和农村经济，而炼油商则以成本和基础设施问题为由抵制。 中化新网讯 7月25日，美国燃料及石化生产商协会(AFPM)致信共和党高层议员，公开批评美国环保署 (EPA)近期提出的提高炼 ...

Core Viewpoint - The innovative model of "orderly relocation of residents and on-site upgrading of enterprises" by Changqing Petrochemical Company addresses the governance challenge of "factory-residence intertwining" in densely populated urban areas, providing a replicable transformation example for similar enterprises [1] Group 1: Company Transformation - Changqing Petrochemical has invested nearly 3.5 billion yuan over 7 years in a transformation project that maintains its industrial foundation while achieving harmonious coexistence with surrounding residents [1] - In 2018, when many hazardous chemical enterprises faced relocation demands, Changqing Petrochemical received a special approval for on-site transformation, breaking down 46 major renovation items into over a thousand specific tasks [1] - By December 31, 2023, the company completed the demolition of its alkali slag treatment facility and all internal renovation projects, with the relocation of 855 households successfully concluded the following year [1] Group 2: Technological Advancements - The company has established China's first fully intelligent refinery using 5G technology, significantly enhancing automation and safety production control capabilities [2] - Equipment fault localization time has been reduced from hours to seconds, with a steady operation rate of over 99.8% [2] - In 2024, the company achieved a record high in operating revenue of 31 billion yuan, tax revenue of 8.6 billion yuan, and profit of 1.6 billion yuan [2] Group 3: Environmental and Social Responsibility - Changqing Petrochemical has implemented a new wastewater treatment facility that controls COD concentration in discharged water to below 30 mg/L, exceeding national standards [2] - Over 160 technical modifications have enabled 22 units to meet the "odorless" standard, achieving an 80% compliance rate [2] - The company actively engages with the local community, providing heating to over 13,000 households and participating in emergency rescue operations [3]

据路透社7月30日报道，印度国有炼油企业近期已暂停通过常规采购渠道进口俄罗斯原油。这一决策主要基于两方面因素： 一是俄罗斯原油价格折扣幅度显著收窄，导致采购成本优势减弱；二是受到美国政府对俄制裁政策升级的影响。 此次供应链调整的背景是7月中旬美国政府提出的新制裁威胁——拟对继续采购俄罗斯原油的国家征收100%关税，除非俄罗 斯在乌克兰问题上达成重大和平协议。这一政治施压直接影响了全球能源贸易格局，促使主要进口国重新评估其能源采购 战略。目前相关企业与印度石油部尚未就具体政策调整发表官方声明。 涉及企业包括印度石油公司、印度斯坦石油公司、巴拉特石油公司及曼加罗尔炼油石化公司等核心国有炼油商。消息显 示，这些企业已转向现货市场寻求替代供应源，主要考虑中东地区（如阿布扎比穆尔班原油）及西非产区的原油品种。值 得注意的是，尽管私营炼油企业如信实工业与纳亚拉能源仍维持对俄采购，但国有炼油体系占据印度总炼油产能的60%以 上，其战略调整具有行业风向标意义。 作为全球第三大原油进口国及俄罗斯海上原油的最大采购方，印度国家炼油体系的供应调整将对国际能源市场产生重要影 响。 ...

Financial Data and Key Metrics Changes - The company reported a consolidated net loss of $90 million for the second quarter of 2025, with a loss per share of $1.14 and an EBITDA loss of $24 million [5][11] - Adjusted EBITDA for the quarter was $99 million, with an adjusted loss per share of $0.23 [11] - The negative mark to market impact on the RFS obligation was $89 million, and the unfavorable inventory valuation impact was $32 million [11] Business Line Data and Key Metrics Changes - In the Petroleum segment, total throughput was approximately 172,000 barrels per day, with a light product yield of 99% on crude oil processed [5] - Adjusted EBITDA for the Petroleum segment was $38 million, driven by increased Group 3 crack spreads, offset by higher RIN prices and lower throughput volumes [11] - The Fertilizer segment achieved an adjusted EBITDA of $67 million, supported by higher UAN and ammonia sales pricing and volumes [11] Market Data and Key Metrics Changes - Group 3 2-1-1 benchmark cracks averaged $24.02 per barrel for the second quarter, compared to $18.83 per barrel in the same period last year [6] - Average RIN prices for 2025 were approximately $1.11, an increase of over 70% from the prior year [6] - Nitrogen fertilizer prices for 2025 were higher for both UAN and ammonia compared to 2024 [10] Company Strategy and Development Direction - The company plans to focus on improving capture rates, reducing costs, and growing the business profitably [25] - The alkylation project at Wynnewood is expected to enhance the ability to produce premium gasoline, with completion anticipated in 2027 [19] - The company is cautiously optimistic about the refining sector's near and medium-term outlook, given low refined product inventories and steady demand [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the refining market, citing low inventories and steady demand for refined products [17][20] - The company is awaiting final regulations from the IRS regarding PTC benefits, which could positively impact the Renewables segment [9][21] - Management indicated that the energy transition is evolving, with a belief that gas and diesel will remain essential fuels for the foreseeable future [48] Other Important Information - The company ended the quarter with a consolidated cash balance of $596 million and total liquidity of approximately $759 million [15] - Significant cash uses included $189 million for capital and turnaround spending and a $70 million prepayment on the term loan [13] Q&A Session Summary Question: Impact of excess inventory on financials - Management acknowledged that excess inventory during turnaround seasons negatively impacted financial performance, estimating a 7% to 9% decline in capture rates due to timing of product sales [31][35] Question: 2026 CapEx and turnaround outlook - Management indicated that there are no major turnarounds planned for 2026, and guidance on capital spending will be provided later in the year [36] Question: Strategic focus for new leadership - Management emphasized the need for diversification and the potential for future acquisitions to mitigate reliance on a single market [40] Question: Dividend reinstatement considerations - Management expressed a desire to return to dividend payments as soon as possible, with ongoing discussions at the board level [48][51] Question: Small refinery exemptions outlook - Management discussed the ongoing challenges with small refinery exemptions and the potential for legal action if necessary, emphasizing the importance of these exemptions for rural refineries [54][56]

Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $1.03 per share and adjusted EBITDA of $61.8 million for the second quarter [15][16] - Cash flow from operations for the quarter was $191.1 million, benefiting from a working capital reduction of approximately $79 million [18] - The company ended the quarter with approximately $590.7 million in cash and $1.8 billion of net debt, maintaining a net debt to capitalization ratio of 30% [20] Business Line Data and Key Metrics Changes - The Martinez refinery was partially restarted in late April, with a full restart expected by year-end [5][6] - The company achieved over $125 million in run rate savings implemented so far, with a target of $230 million by 2025 and $350 million by 2026 [13][14] - Renewable diesel production at St. Bernard Renewables averaged 14,200 barrels per day in Q2, with expectations of 16,000 to 18,000 barrels per day in Q3 [18] Market Data and Key Metrics Changes - The company noted a significant reduction of 4 million barrels of medium and heavy crude taken off the market between 2022 and 2023, with expectations of 2 to 2.5 million barrels per day returning by autumn [6][7] - Diesel demand remains strong, with global distillate supply and demand balances in deficit, supporting distillate cracks [7][8] - The California market is expected to face a gasoline shortfall of up to 250,000 barrels per day due to refinery closures [58][59] Company Strategy and Development Direction - The company is focused on improving efficiency and reliability across its refining system through business improvement initiatives [10][14] - There is an emphasis on sustainable operations and cost reductions, with 70% of savings expected to come from operating expenses and 30% from capital expenditures [26][30] - The company is exploring opportunities to maximize the value of excess land around the Delaware City refinery, potentially for data centers [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the refining environment, citing constructive tailwinds from crude supply and strong product demand [5][9] - The company is closely monitoring the regulatory environment and maintaining strong relationships with local authorities to facilitate operations [43][70] - Management highlighted the importance of continuous improvement initiatives to enhance operational excellence and safety [27][29] Other Important Information - The company received $250 million in insurance proceeds related to the Martinez fire, with expectations for additional interim payments [16][94] - The board approved a regular quarterly dividend of $0.02 per share [19] Q&A Session Summary Question: How to track cost-cutting targets? - Management indicated that approximately 70% of savings will be in operating expenses and 30% in capital expenditures, with sustainability being a key focus [26][30] Question: Evidence of light-heavy spreads widening? - Management noted that they are starting to see light-heavy spreads widen as barrels return to the market, benefiting the company [31][32] Question: Path to restart the Martinez refinery? - Management outlined that demolition is complete, and they are working on procurement and construction activities, with a focus on regulatory permits [38][43] Question: Cash position and liquidity outlook? - Management confirmed ample liquidity and a net debt to capitalization target of under 35%, indicating a strong financial position [50][51] Question: Opportunities with Starwood Digital Ventures? - Management is exploring ways to maximize land value at Delaware City but has no formal announcements yet [54][55] Question: Market dynamics in California? - Management highlighted a significant gasoline shortfall in California due to refinery closures, indicating a constructive market outlook [58][59] Question: Renewable diesel production and credits? - Management confirmed that they are close to offsetting revenue declines from the BTC to PTC switch with increasing RINs pricing [65]

Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $1.03 per share and adjusted EBITDA of $61.8 million for Q2 2025, excluding special items [15][16] - Cash flow from operations for the quarter was $191.1 million, benefiting from a working capital reduction of approximately $79 million due to a 2 million barrel decrease in inventory [18] - The company ended the quarter with approximately $590.7 million in cash and $1.8 billion in net debt, maintaining a net debt to capitalization ratio of 30% [20] Business Line Data and Key Metrics Changes - The Martinez refinery was partially restarted in late April, with a full restart expected by year-end [5][6] - The company anticipates recognizing $230 million in annualized run rate savings by 2025 and $350 million by 2026, with over $125 million of savings already implemented [13][14] - Renewable diesel production at St. Bernard Renewables averaged 14,200 barrels per day in Q2, with expectations of 16,000 to 18,000 barrels per day in Q3 [17] Market Data and Key Metrics Changes - The company noted a significant reduction in medium and heavy crude availability, with 4 million barrels taken off the market between 2022 and 2023 [6] - The global distillate supply and demand balance remains in deficit, supporting strong diesel margins [7][8] - The company expects light-heavy spreads to widen as seasonal refinery maintenance occurs in the autumn [7][9] Company Strategy and Development Direction - PBF Energy is focused on improving efficiency and reliability across its refining system through business improvement initiatives [10][14] - The company is exploring opportunities to maximize the value of its Delaware City refinery land, potentially for data centers [44] - The management emphasizes the importance of safe, reliable, and responsible operations while driving cost reductions [26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the refining environment, citing constructive tailwinds from crude supply and strong product demand [5][9] - The company is actively engaging with California state officials to address the importance of refined products amid upcoming refinery closures [70][71] - Management highlighted the need for tangible improvements from discussions with regulatory agencies to ensure operational stability [72] Other Important Information - The company received $250 million in insurance proceeds related to the Martinez fire, with expectations for additional interim payments [15][96] - The anticipated receipt of a $70 million tax refund and proceeds from terminal sales are expected to bolster liquidity [20] Q&A Session Summary Question: How to track cost-cutting targets? - Management indicated that approximately 70% of savings will come from operating expenses and 30% from capital expenditures, with a focus on sustainability and reliability [26][30] Question: Update on light-heavy differential? - Management noted that they are beginning to see light-heavy spreads widen, benefiting from increased crude supply [31][32] Question: Path to restart Martinez refinery? - Management outlined that demolition is complete, and they are working on procurement and construction activities, with a focus on regulatory permits [36][41] Question: Cash position and future financing? - Management confirmed ample liquidity and a stable cash position, with no immediate plans to raise additional debt [48][51] Question: Renewable diesel production outlook? - Management stated that production is expected to be optimized based on market conditions, with a focus on maximizing profit [81] Question: Impact of UK refinery closures on PADD one? - Management acknowledged a shift in import dynamics, with less product coming from Europe, affecting the East Coast market [75]

（责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇7月31日｜有媒体援引消息人士称，过去一周，印度国有炼油商因折扣减少和特朗普的关税威胁 而停止购买俄罗斯石油。 ...

消息人士：过去一周，印度国有炼油商因折扣减少和特朗普的关税威胁而停止购买俄罗斯石油。 ...

美国总统特朗普对印度发出的关税威胁，正给本已步履蹒跚的印度股市带来新的冲击，并对严重依赖出口的行业构成直接打击。 7月30日，据央视新闻报道，特朗普称将从8月1日起对印度输美商品征收25%的关税，高于对亚洲其他几个国家征收的15%至20%的区间。特朗普还威胁 将因印度从俄罗斯购买能源而施加额外惩罚。 特朗普威胁征收的25%关税预计将对印度多个行业造成直接冲击。尽管目前尚无关于具体行业关税税率和惩罚措施的明确信息，但以下行业被认为风险 最大： 医药：印度是美国最大的非专利药出口国，年出口额约80亿美元。印度太阳药业、瑞迪博士等大型药企至少30%的收入来自美国。根 据IQVIA的数据，2022年美国每10张处方中就有4张由印度公司提供。 （印 度孟买证券交易所SENSEX30指数低开近1%后小幅反弹） 据媒体报道，新美国安全中心（Center for a New American Security）的一位策略师表示，美印谈判出现了麻烦的迹象，包括美国希望印度进一步开放农 业市场。 这位策略师表示，农业对于印度总理纳伦德拉·莫迪来说是"政治敏感"的领域，他可能无法在这个领域做出让步。这或许是导致谈判陷入僵局、并引发 ...