News Focus - The Ministry of Ecology and Environment will pre-allocate carbon emission quotas for key emission units in the steel, cement, and aluminum smelting industries by April 10, 2026, and for the power generation industry by June 30, 2026 [2] Domestic News - The State Administration for Market Regulation has unconditionally approved several operator concentration cases in the energy sector, including acquisitions by Guizhou Water Investment Group and Xinjiang Tianchi Energy [3] - A series of important national standards related to ecological and environmental protection have been released, including standards for natural protected area signs and greenhouse gas emission accounting [3] - China has achieved kilogram-level uranium product extraction from seawater, marking a significant step towards engineering applications of seawater uranium extraction technology [4] - Zhejiang Province aims to enhance the influence of existing price indices and trading varieties, with a target of achieving an annual online spot trading volume of 250 billion yuan [4] - The installation of the steel safety shell top cap for the nuclear island of the Liaoning Xudabao Nuclear Power Unit 1 has been successfully completed, transitioning the project to the installation phase [4] Corporate News - China Logistics Group Equipment Logistics Co., Ltd. has been established to focus on energy equipment logistics and special oversized cargo logistics, aiming to ensure supply chain security [8] - The State Grid Qinghai Electric Power Company has successfully conducted ultra-high voltage live working at an altitude of 5,211.5 meters, setting a world record for such operations [8]

Core Viewpoint - In 2025, the Shandong reformed aromatics market is expected to experience a "dual decline" in supply and demand, with an overall oversupply situation persisting, leading to a downward trend in prices for reformed aromatics, which may remain weak in 2026 [1] Supply and Demand Analysis - The oversupply situation is expected to exert downward pressure on prices, as gasoline consumption peaks and the demand for raw materials in the market declines. The capacity utilization rate for reformed aromatics is projected to be 31.85%, down 8.58 percentage points year-on-year, with a production volume of 2.4841 million tons, a year-on-year decrease of 21.24% [2] - The demand for reformed aromatics is anticipated to continue declining in 2025, with a projected demand of 2.45 million tons, representing a nearly 25% year-on-year decrease. This decline is attributed to the strong substitutability of the raw materials and a decrease in gasoline production from independent refineries in Shandong [2] Seasonal Demand Characteristics - The demand for reformed aromatics aligns closely with gasoline consumption patterns, which have shown weakened seasonal characteristics in recent years. Traditional peak seasons around the Spring Festival and from May to October have not resulted in significant price movements for reformed aromatics [3] Price Trends and Seasonal Index - The price of reformed aromatics is expected to fluctuate in five distinct phases throughout 2025: 1. January to February: Prices are expected to rise due to pre-holiday stocking and stable demand [6] 2. March to May: Prices are projected to decline as gasoline consumption falls short of expectations, leading to a weak demand for raw materials [6] 3. June: Prices may rise due to fluctuations in international oil prices, although demand remains generally weak [6] 4. July to October: Prices are expected to decline, with weak gasoline demand and a lack of traditional peak season characteristics [7] 5. November to December: Prices may stabilize with overall steady demand, leading to a slight upward trend [7] Future Market Predictions - In 2026, no new production facilities for reformed aromatics are planned, leading to limited fluctuations in supply. The overall refining capacity in China may decline year-on-year, with a projected decrease in gasoline output, further exacerbating the oversupply situation. Consequently, the demand for reformed aromatics is expected to continue its downward trend, with prices likely to experience a range-bound fluctuation [9]

一错再错，印度接连做出的两个关键决定，让自身陷入经贸和能源的双重被动，而美印之间的一通电话敲定贸易协议后，中国在国际经贸和能源合作中顺势 成为最大赢家。 印度近期的决策偏离了自身经济发展的实际需求，完全被美方的关税政策牵着走，最终的结果只能是让本国产业和经济发展付出沉重代价。 当地时间2月2日，美国总统特朗普与印度总理莫迪通话后，高调宣布美印达成贸易协议，美国将把对印度商品加征的对等关税从25%降至18%。 同时取消此前因印度进口俄罗斯石油而额外加征的25%关税，这也是印度一直想要争取的贸易利好。 但这份协议的达成，印度付出的代价远超表面的关税减免，这也是印度犯下的第一个严重错误，为了短期的关税优惠，放弃了长期的能源和经贸自主。 协议中明确要求印度停购俄罗斯石油，转而大幅增加对美国能源产品的采购，同时还要在未来5年内从美国采购超过5000亿美元的商品，涵盖能源、科技、 农业、煤炭等多个领域。 并且印度要逐步降低直至取消对美国工业品和农产品的关税及非关税壁垒，给美国产品打开广阔的印度市场。 印度作为世界第三大石油消费国和进口国，俄罗斯石油在其能源进口结构中占据着重要位置，目前俄罗斯石油占印度原油进口总量的约三分 ...

Core Viewpoint - A fire occurred at Valero Energy's Ardmore refinery in Oklahoma, resulting in five individuals being hospitalized, although the fire has been extinguished [1] Company Summary - Valero Energy operates the Ardmore refinery with a capacity of 86,000 barrels per day [1]

委内瑞拉最大炼油厂因停电暂时停产。 当地时间2月9日下午，委内瑞拉阿穆艾炼油厂发生全面停电，多套炼油装置暂时停产。 阿穆艾炼油厂是委内瑞拉最大炼油厂。据悉，此次停电由厂区内部电厂出现故障引发。 目前委内瑞拉政府及委国家石油公司未就相关情况作出通报。 来源：央视新闻客户端 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 编辑丨赵方婷 End ...

Core Viewpoint - BSR has signed multiple memorandums of cooperation with Chevron, Marquis Energy, and ADM to enhance oil supply security in Vietnam and explore collaboration in the biofuel sector [1] Group 1: Cooperation Agreements - The agreements focus on ensuring a stable crude oil supply for the Rong Gai refinery and researching potential imports of bioethanol and corn feedstock to support domestic biofuel production [1] - This initiative coincides with ongoing negotiations for a bilateral trade framework between the U.S. and Vietnam, with energy cooperation identified as a key pillar for enhancing Vietnam's energy security, expanding trade, and reducing trade deficits [1] Group 2: Financial Performance - BSR's international cooperation is backed by strong financial performance, with projected net income of 141.58 trillion VND in 2025, representing a year-on-year increase of approximately 15% [1] - The company's net profit is expected to surge nearly ninefold, reaching 5.19 trillion VND [1]

据央视新闻，当地时间9日下午，委内瑞拉阿穆艾炼油厂发生全面停电，多套炼油装置暂时停产。阿 穆艾炼油厂是委内瑞拉最大炼油厂。据悉，此次停电由厂区内部电厂出现故障引发。目前委内瑞拉政 府及委国家石油公司未就相关情况作出通报。 微信编辑 | 夏木 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 2026.02. 10 本文字数：234，阅读时长大约1分钟 一艘美国油轮遭多艘伊朗炮艇逼近 y il delig 同 i ets ( r and of the been a 上市市 le t T and u A B Class Seabons i 841 I # e TI W S IDa sent I MICH TIBIA MPER ATIVE STEM A 168 L U- d 1212 16-11 42 推荐阅读 ...

Core Viewpoint - Rongsheng Petrochemical is recognized as a leading refining enterprise in China, with its subsidiary Zhejiang Petrochemical's 40 million tons/year integrated refining project fully operational, showcasing significant scale advantages. The company's profitability is expected to improve continuously due to supply-side optimization in the refining industry, with a substantial year-on-year increase in net profit attributable to shareholders projected for Q3 2025. The polyester chain products are at the bottom of the cycle but are expected to recover, with PTA, polyester filament, and bottle chip capacities ranking among the top globally, indicating substantial potential for profit improvement. The company is leveraging its integrated advantages to actively invest in strategic sectors such as new energy materials, injecting new growth momentum into its development [1][4]. Business Segments - Integrated Refining Project: The Zhejiang Petrochemical integrated refining project is the largest single refining project in the country, fully operational with clear scale advantages [2][5]. - Polyester Chain Products: The capacities for PTA, polyester filament, and bottle chips are among the highest globally, with the product cycle showing signs of recovery, indicating significant potential for profit improvement [3][6]. - Strategic Layout in New Energy Materials: The company is actively investing in new energy materials, engineering plastics, and high-performance resins, leveraging its integrated advantages to inject new growth momentum into its development [3][6].

HPCL曾于1月表示，拟将委内瑞拉重油用于其安得拉邦Visakhapatnam（日产能30万桶、已完成重油改 造）炼厂；IOC此前在奥里萨邦Paradip炼厂处理Merey原油。该原油定价参照迪拜指数，价格水平与 Reliance Industries此前向Vitol采购的折扣（较ICE Brent低6.50–7美元/桶）相近。 据路透社消息，印度国有炼油企业印度石油公司（Indian Oil Corp, IOC.NS）与印度斯坦石油公司 （Hindustan Petroleum Corp, HPCL.NS）已联合从托克集团（Trafigura）采购200万桶委内瑞拉Merey原 油，预计于今年第二季度后半旬交付印度东海岸。 根据两名商业消息人士透露，IOC将采购约150万桶，HPCL采购50万桶，将由一艘大型油轮统一运输。 此为HPCL首次采购委内瑞拉原油，而IOC已于2024年有过类似采购。 此次采购反映印度炼油企业正推进进口多元化，以部分替代俄罗斯原油，助力新德里推进与华盛顿的贸 易协议。尽管美方已因印度"承诺停止直接或间接进口俄油"而取消对印25%关税，但印度尚未正式宣布 停购俄油计划。 两家公司因保 ...

【炼油板块】周前期，特朗普计划同伊朗对话，重启核谈判，地缘风险降温，叠加哈萨克斯坦油田及美 国原油产量逐渐恢复，供应压力回升，国际油价大幅下跌。周中期，美国击落一架伊朗无人机，伊朗武 装快艇逼近悬挂美国国旗的油轮，有媒体报道称原定的美伊谈判取消，地缘风险溢价迅速回归，叠加美 印达成贸易协议，有望提振需求，国际油价宽幅反弹。周后期，美国与伊朗同意周五举行核谈判，缓解 了市场对伊朗供应中断的担忧，地缘风险溢价回落，油价有所回落。2026年2月6日布伦特、WTI原油价 格分别为68.05、63.55美元/桶，较2026年1月30日分别-2.64、-1.66美元/桶。成品油方面，本周国内外成 品油价格价差偏震荡运行。 【化工板块】本周成本端支撑有限，化工品价格偏震荡运行，部分产品短期供给影响，价格有所上行。 聚烯烃方面，本周聚烯烃价格价差小幅震荡。EVA价格偏稳运行，价差小幅改善。纯苯产品价格价差小 幅上涨。苯乙烯华东码头本周期内到货有限，产品价格价差继续上涨。丙烯腈场内装置降负与检修情况 延续，局部供应偏紧，产品价格价差继续上行。聚碳酸酯产品价格稳中有涨。MMA产品价格偏稳运 行，价差小幅改善。 【聚酯锦纶板块】聚 ...