10月下旬，西方对俄罗斯的新一轮制裁一实施，土耳其的能源采购局势立刻发生了重大变化。土耳其最 大的炼油厂突然停止购买俄罗斯的原油，转而大量进口来自伊拉克和哈萨克斯坦的原油。此前一直和俄 罗斯油源紧密相连的局面瞬间打破，国际能源市场纷纷关注此事的进展。 这次土耳其能源采购格局的突变，导火索就是美国于10月22日发起的那轮制裁。美国的理由是，俄罗斯 未能在结束乌克兰战争的和平进程上做出实质性承诺，因此将俄罗斯的卢克石油公司、俄罗斯石油公司 以及它们旗下的众多子公司列入制裁名单，几乎涵盖了从地质勘探、油气生产到油田管理、物流运输等 整个产业链。这意味着，只要和这些俄罗斯企业有合作，相关企业就可能被排除在西方市场之外。 对土耳其的炼油厂来说，制裁带来的压力极大。它们的许多产品需要出口到欧美市场，如果因合作俄罗 斯企业而被制裁，损失将远不止于此。最先做出反应的是土耳其爱琴海炼油厂（STAR）。这家炼油厂 由阿塞拜疆石油公司SOCAR控股，曾经是俄罗斯原油的"忠实买家"。根据原材料数据机构Kpler的统 计，STAR炼油厂在今年9月到10月期间，原油的100%都来自俄罗斯，平均每天加工21万桶原油。但如 今，STAR已经 ...

Investment Rating - The report maintains an investment rating of "Positive" for the petrochemical industry, consistent with the previous rating [2]. Core Insights - The petrochemical products are expected to benefit from a stabilization and recovery in the Producer Price Index (PPI), driven by strong correlations between petrochemical prices and PPI trends [3][20]. - The optimization of downstream capacity in the petrochemical sector is anticipated to initiate a new price cycle, with limited supply growth and ongoing policy efforts to eliminate inefficient production capacity [3][22]. - Demand for petrochemical products is gradually recovering, with structural highlights indicating that while some segments like polyolefins may see weak recovery, others such as aromatics and high-end petrochemical materials are expected to maintain strong growth [3][26]. - Stock prices in the petrochemical sector have begun to stabilize and rise ahead of the PPI index, indicating a favorable investment opportunity [3][20]. Summary by Sections 1. Petrochemical Price Recovery Supporting PPI Stabilization - Petrochemical products have a high weight in the PPI, with significant volatility impacting overall PPI trends [11][13]. - The correlation between petrochemical prices and PPI is strong, with key policies aimed at optimizing supply and expanding demand expected to support price recovery [20]. 2. Optimization of Downstream Capacity Expected to Drive New Price Cycle - The expansion cycle in refining is nearing its end, with a projected addition of 58 million tons of refining capacity from 2025 to 2030, approaching regulatory limits [22][23]. - Policies are actively promoting the exit of inefficient refining capacities, reshaping the competitive landscape [28][29]. 3. Gradual Recovery in Petrochemical Demand with Structural Highlights - Overall demand for petrochemical products is slowly recovering, with significant growth expected in high-end materials aligned with national innovation goals [3][26]. - The demand recovery shows structural differences, with some segments like aromatics benefiting from downstream capacity expansions [3][26]. 4. Investment Opportunities and Strategies - The report recommends key state-owned enterprises such as Sinopec and PetroChina, as well as private refining companies like Hengli Petrochemical and Rongsheng Petrochemical, which have strong competitive advantages [3][4].

当日，参与活动的20家境外华文媒体还走进儋州洋浦经济开发区。在中国石化海南炼油化工有限公 司，感受海南石化产业的发展势头;在洋浦国际集装箱码头，感知洋浦加快打造港航物流发展"样板 间"的态势;到海南比勒费尔德应用科学大学，了解在海南"留学"的无穷魅力…… 韩国《世界侨报》副社长隋兴国说："我会把这次参访的所见所闻用镜头记录下来，向在韩国的华 人华侨进行宣传，让他们多来海南走走看看，也把海南自贸港的故事向全世界推介。" 海南日报讯(海南日报全媒体记者 张文君)海南的重点产业园区、经济开发区发展现状如何，蕴含 着哪些发展机遇?11月12日，行走中国·2025海外华文媒体海南行活动走进海南生态软件园、洋浦经济开 发区。 一来到海南生态软件园，加拿大《搜罗》杂志社社长陈林就被展厅里摆放的一张智能床所吸引。人 躺在床上就显示出心率等数据。"坐到床上以后，它就显示了我的心率等各方面的一些信息，我觉得这 个智能床的技术在养老、住院观察上是非常有意义的，我希望这项技术能得到深度的应用，也能够在海 外推广。"陈林说。 海南生态软件园是海南自贸港政策早期收获的重点园区，是海南发展数字经济的主要载体和平台， 先后被认定为国家级科技 ...

随着一桶原油的交易价格低于60美元，生产柴油等产品的炼油厂正在获得一笔意外之财。美国能源信息 署（EIA）在最新版款短期能源展望报告（STEO）中表示，衡量柴油利润率的关键指标今年已从去年 的平均水平上涨了约33%，达到每加仑69美分。该利润指标预计在2026年将再次上升，达到84美分。 EIA还预测同期汽油利润率也将有所提升。 ...

据路透社披露，奥尔斯克炼油厂日加工量约13.2万桶，是俄罗斯规模最大的炼油厂之一，年处理原油达660万吨，主要生产汽油、柴油、航空燃料、润滑油 及沥青，为俄军提供关键物资补给。此次乌军无人机深入俄境，精准击中炼油厂核心生产设施，初步评估损失可能介于10亿至30亿美元之间。 乌克兰情报来源透露，无人机疑似击中厂内柴油加氢处理装置或其附近的流体蒸馏管道——前者是炼油流程关键节点，直接影响柴油的品质与产量；同时遭 袭的还有2014至2015年间耗资55亿卢布建成的年度裂解装置，该设施作为重要升级项目，可大幅减少重质油废料、提升燃料效率，若确认完全损毁，将对炼 油厂长期产能造成严重影响。 值得注意的是，该炼油厂去年曾因无人机攻击一度停产，导致克里姆林宫短期损失部分石油美元收入，削弱了俄方战争资金 链。此次再度遭袭，预计将进一步重创俄罗斯的能源出口及军事后勤补给能力。 乌克兰无人机再袭俄本土能源枢纽，奥尔斯克炼油厂遭重创。 本周，距离乌克兰超1400公里的俄罗斯奥尔斯克炼油厂突发爆炸与大火，现场浓烟滚滚、烈焰冲天，市区多处可见火光。这是继11月初之后，该炼油厂短期 内遭遇的又一次重大破坏，凸显乌克兰无人机的远程打击能力 ...

该炼油厂的目标是满足约60%的国内原油消费量，预计每月可节约4亿美元的进口成本。 根据新的运营模式，特马炼油厂将与森拓炼油厂合作，以委托加工的方式运营，旨在确保运营效率 和财务可持续性。特马炼油厂的复兴是旨在加强国家宏观经济稳定的一系列政策干预措施的一部分。 （原标题：加纳拟重启特马炼油厂） 据"加纳网"11月11日报道，加纳政府计划于今年年底前重启特马炼油厂(TOR)的原油炼制业务，以 削减每年102亿美元的石油进口支出，并稳定国内燃油价格。 ...

11月12日，行走中国·2025海外华文媒体海南行走进海南省洋浦经济开发区，海外华媒代表实地探寻这 片改革开放 "试验田" 的发展脉络，深入中国石化海南炼化公司、洋浦国际集装箱码头等产业一线，沉 浸式领略海南自贸港建设的蓬勃气象与开放开发热潮。图为海南炼化码头。中新社记者 骆云飞 摄 图为海外 华媒代表参观洋浦展示馆。中新社记者 骆云飞 摄 图为海外 图为海外 国际集装箱码头。中新社记者 骆云飞 摄 图为洋浦 图为海外 华媒代表参观洋浦展示馆。中新社记者 骆云飞 摄 图为海外 华媒代表参观洋浦展示馆。中新社记者 骆云飞 摄 图为海南 炼化码头。中新社记者 骆云飞 摄 图为洋浦 国际集装箱码头。中新社记者 骆云飞 摄 华媒代表参观中国石化海南炼化公司。中新社记者 骆云飞 摄 华媒代表参观海南炼化码头后合影。中新社记者 骆云飞 摄 ...

Report Industry Investment Rating - No clear industry investment rating is provided in the report. Core Viewpoints - The recent weak and volatile operation of crude oil prices has put some pressure on the FU and LU futures markets. High - sulfur fuel oil is in an adjustment phase, with a decline in crack spreads, monthly spreads, and spot premiums, but there are still structural support factors. Low - sulfur fuel oil supply pressure has marginally eased due to reduced production from Azul and Dangote refineries, and the market structure has slightly repaired [2]. - The Azul refinery's planned restart of its device on November 11 has been postponed to around December 9, and the observed Kuwaiti low - sulfur fuel oil shipments remain at zero, which provides some short - term support to the market [2]. Strategy Summary High - sulfur Fuel Oil - Short - term: Neutral; Medium - term: Bearish [3] Low - sulfur Fuel Oil - Short - term: Neutral; Medium - term: Bearish [3] Cross -品种 Strategy - Go long on the LU2601 - FU2601 spread on dips [3] Cross - term Strategy - None [3] Spot - futures Strategy - None [3] Options Strategy - None [3] Market Analysis - The main contract of SHFE fuel oil futures closed down 0.45% at 2,671 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed down 0.08% at 3,262 yuan/ton [1]

Core Viewpoint - The article highlights the impact of US sanctions on Russian oil companies, particularly affecting Bulgaria's fuel supply as winter approaches, raising concerns about energy security in the region [1][2]. Group 1: Impact of US Sanctions - The US Treasury announced sanctions against Russian state-owned and private oil companies, effective November 21, which could disrupt energy supplies in several European countries, including Bulgaria [1]. - Bulgaria's available gasoline is sufficient for approximately 35 days, while diesel reserves can last over 50 days, but the country is concerned about the potential impact of these sanctions on its energy supply [1]. Group 2: Bulgaria's Energy Strategy - The Bulgarian government has suspended exports of diesel and aviation fuel to other EU countries to ensure domestic energy supply [2]. - A new law allows the government to take control of the Burgas refinery and appoint a special manager to navigate the sanctions, indicating proactive measures to safeguard energy resources [2]. - The government is also inspecting the Burgas refinery and enhancing security measures in response to the impending sanctions [2].

Core Points - The U.S. has imposed sanctions on Russian companies, including Lukoil, affecting their operations in Europe and potentially impacting winter energy supplies in several European countries [1][3] - Bulgaria's available gasoline is sufficient for approximately 35 days, while diesel reserves can last over 50 days, but the country needs to activate contracts for fuel stored in other EU nations before sanctions take effect [3][4] Group 1 - The U.S. Treasury announced sanctions against Russian state-owned and private companies, effective November 21, to pressure Russia and Ukraine for an immediate ceasefire [3] - Bulgaria's legal fuel reserve standard is 90 days, and the current compliance rate is 98%, but only part of the reserves are stored domestically [3][4] - The Bulgarian government has suspended exports of diesel and aviation fuel to ensure domestic energy supply [4] Group 2 - The Bulgarian National Assembly passed a law allowing the government to take control of the Burgas refinery to circumvent U.S. sanctions [4] - The government is conducting inspections and enhancing security measures at the Burgas refinery [4]