Core Viewpoint - Dangote Group of Nigeria has signed a contract worth over $350 million with Indian engineering consulting firm EIL to manage and oversee the expansion of its flagship refinery project, significantly increasing its capacity from 650,000 barrels per day to 1.4 million barrels per day, making it the largest single-site refinery globally [1] Group 1 - The expansion plan includes the construction of a second series of refining units to produce Euro VI standard fuels and the enhancement of polypropylene production capacity from 830,000 tons to 2.4 million tons through modifications and new installations [1] - A new olefin cracking unit with an annual capacity of 750,000 tons will also be built to ensure the supply of propylene feedstock [1] - The Dangote refinery is set to commence operations in 2024, with its initial capacity already positioning it as a transformative asset in Africa's energy landscape [1] Group 2 - The expansion aims to strengthen Nigeria's position as a regional hub for refined oil and petrochemical products, enhancing local fuel and chemical production capacity, reducing reliance on imports, and improving regional energy security [1]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-01-22 美国寒潮天然⽓连续第⼆天上涨，装置 故障苯⼄烯利润⼤幅扩张 原油价格延续震荡整理态势。哈萨克斯坦即将摆脱持续数周的出口限 制困境，因为一处位于黑海的重要石油装运设施的维修工作已接近尾声， 该国约90%的原油通过此路线运输，这将有助于缓解Brent高企的月差。IE A发布最新月报，报告上调2026年全球石油需求增速预期至93万桶/日，并 估测2026年供应将增长250万桶/日，IEA认为全球石油市场仍过剩。短期 需要关注极寒天气席卷美国对油气市场带来的影响，天然气价格连续两日 大幅拉升，取暖油需求也将环比走高，且需观察极端低温对油气生产的影 响。（以上新闻和数据均来自彭博终端） 板块逻辑： 化工链条中当前较为强势的品种仍是芳烃。苯乙烯自2025年12月19日 的低点已经上涨千点有余（按盘面主力合约计价），最开始是供给减量带 来估值的修复，接下来是出口有增加，改变了1-2月的供需平衡；当前我 们看到的是苯乙烯企业又有意外停车，河北一30万吨装置在1月20日突发 故障停车，产能占比约为1.3%，重启时间未定，这引发 ...

End 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 由于无人机碎片坠落，俄罗斯阿菲普斯基炼油厂区域内发生火灾。 当地时间1月21日凌晨，俄罗斯克拉斯诺达尔边疆区行动指挥部通报，由于无人机碎片坠 落，阿菲普斯基炼油厂区域内记录到火灾。火势已被扑灭，无人员伤亡和基础设施损坏。 来源：央视新闻客户端 ...

20日晚，俄西南部克拉斯诺达尔边疆区也遭无人机袭击，造成一座炼油厂发生火灾，未造成人员伤亡。 来源：新华社 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编丨李慧颖 俄西南部遭无人机袭击致至少11人受伤。 俄罗斯西南部阿迪格共和国20日晚至21日凌晨遭遇无人机袭击，造成至少11人受伤。 据俄新社报道，阿迪格共和国塔赫塔穆凯斯基区一栋公寓楼和一座停车场因无人机袭击发生火灾，造成包括两名儿童在内的至少11人受 伤，15辆汽车被烧毁。 ...

降雪天气利空需求 山东汽柴油成交延续弱势 [导语]上周原油先涨后跌，支撑有限。降雪天气影响，汽柴油需求一般，终端消化库存为主，汽柴油产 销比均未达平衡线。未来，天气转晴，汽柴油需求或有小幅回暖，山东汽柴油车单成交或短时好转。 行情回顾：降雪天气影响，汽柴油成交延续弱势 汽油方面，供应方面，汽油周度产量51.17万吨，环比上涨1.15%，同比上涨8.62%，汽油供应小幅增 长，利空汽油市场。需求方面，暂无节假日支撑，居民驾车通勤为主，加之降雪天气影响，终端小单补 库，汽油市场成交疲软。上周山东地炼汽油车单产销比均值78%，较前一周下跌4个百分点，未达平衡 线。价格方面，原油先涨后跌，需求面表现一般，山东地炼汽油价格呈现先涨后跌走势，截至1月18 日，山东地炼92#汽油均价7039元/吨，较前一周同期下跌20元/吨。 国际原油方面，卓创资讯预计，地缘问题和宏观关税等多发，将导致油价波动放大，目前原油市场基本 面偏弱，形成拖累，因此整体上涨后面对阻力，更多体现为脉冲式上涨，然后缓慢下跌的节奏。因此， 国际油价在波动放大后依然偏弱为主，趋势性上涨难度较大。 供应面，未来一周，暂无新炼厂计划检修或开工，多数炼厂保持平稳 ...

汽油方面，当周汽油周度产量51.17万吨，环比上涨1.15%，同比上涨8.62%，汽油供应小幅增长，利空汽油市场。需求 方面，上周山东地炼汽油车单产销比均值78%，较前一周下跌4个百分点，未达平衡线。反映在价格方面，上周山东地 炼汽油价格呈现先涨后跌走势，截至1月18日，山东地炼92#汽油均价7039元／吨，较前一周同期下跌20元／吨。 展望后市，预计原油价格或继续宽幅波动，而成品市场随着天气转好、需求恢复，汽柴油市场成交或短时好转。 柴油方面，上周山东柴油周度产量101.36万吨，环比上涨2.39%，同比上涨15.47%，柴油供应小幅增加，利空柴油市 场。需求端来看，上周虽然柴油需求一般，不过前期受中东地缘局势影响，终端下游存在"买涨"情绪，柴油成交出现短 时好转。整体来看，上周山东地炼柴油车单产销比均值84%，较前一周上涨2个百分点。价格表现上，截至1月18日，山 东地炼0#柴油均价5750元／吨，较前一周同期下跌18元／吨。 上周原油先涨后跌，支撑有限。降雪天气影响，汽柴油需求一般，终端消化库存为主，汽柴油产销比均未达平衡线。未 来，天气转晴，汽柴油需求或有小幅回暖，山东汽柴油车单成交或短时好转。 具体 ...

Group 1 - The core message is that Yunnan Petrochemical successfully completed its first "five-year overhaul," achieving safe and green operations with reduced energy and material consumption [1][3] - The Yunnan Petrochemical refinery project, with a capacity of 13 million tons per year, is part of the China-Myanmar oil and gas pipeline project and has become a supply base for refined oil in Southwest China since its production began in August 2017 [3] - The overhaul involved over 6,000 personnel working for 50 days to complete more than 23,000 maintenance tasks, marking a significant achievement for the company as it transitioned from a "three-year overhaul" to a "five-year overhaul" [3] Group 2 - Yunnan Petrochemical established 16 specialized teams, selecting over 1,390 experienced professionals, and conducted safety education for nearly 9,000 participants from 55 partner units during the maintenance period [3] - The company utilized 15,000 sets of tools and equipment and set up four major bases for corrosion prevention and large-scale cleaning, demonstrating a professional approach to the overhaul [3] - The introduction of the "smart overhaul" concept included the use of a smart maintenance platform for the first time in similar enterprises, integrating nine functional modules to enhance resource utilization efficiency and provide intelligent decision-making support [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the domestic refined oil market showed a situation of stable supply and improved demand, with both gasoline and diesel inventories increasing. Next week, it is expected to maintain a pattern of weak supply and demand, with potential increases in domestic gasoline and diesel production, continued weak demand, and rising inventory pressure on Shandong independent refineries [6][7]. Summary by Directory Comprehensive Analysis Market Overview - Supply: The national refinery operating rate remained stable at 70.6%, with the operating rate of major refineries rising 0.3 percentage points to 77.2%, and the operating rate of Shandong local refineries continuing to decline. The production of gasoline and diesel from major refineries increased slightly, while that from local refineries continued to decline, and the diesel-to-gasoline ratio dropped to 1.31 [6]. - Demand: The purchasing enthusiasm of the middle and lower reaches of the market increased this week, market sentiment improved, and the sales-to-production ratios of gasoline and diesel both rebounded above the balance [6]. - Inventory: Commercial inventories of both gasoline and diesel increased. Gasoline inventory was 11.06 million tons, a week-on-week increase of 110,000 tons (+1.0%); diesel inventory was 12.81 million tons, a week-on-week increase of 270,000 tons (+2.1%). Local refinery diesel inventory decreased, while gasoline inventory increased slightly. Social inventories of both gasoline and diesel increased [6]. Future Outlook - Next week, the domestic refined oil market is expected to maintain a pattern of weak supply and demand. Supply may see a slight increase in overall domestic gasoline and diesel production, while demand will remain weak. Shandong independent refineries are expected to face rising inventory pressure [7]. Core Logic Analysis and Data Tracking Price - Gasoline market prices increased slightly in most regions, with the national average price rising from 7,274 yuan/ton to 7,311 yuan/ton. Diesel market prices also increased slightly, with the national average price rising from 6,029 yuan/ton to 6,036 yuan/ton [14]. Profit - The refining profit of major refineries was 762 yuan/ton, a week-on-week increase of 85 yuan/ton. The refining profit of independent refineries was 247 yuan/ton, a week-on-week decrease of 121 yuan/ton [19]. Operating Rate - The operating rate of Chinese refineries remained stable at 70.6%, with the operating rate of major refineries rising 0.3 percentage points to 77.2%, and the operating rate of independent refineries and Shandong local refineries both declining slightly [32][34]. Production - This week, the production of gasoline and diesel from major refineries increased slightly, while that from local refineries continued to decline. The diesel-to-gasoline ratio dropped to 1.31 [42][46]. Sales - The sales volume and sales-to-production ratio of gasoline and diesel from independent refineries and Shandong local refineries both increased [51]. Demand - The demand for gasoline and diesel remained weak. Although some terminals started to stock up for the Spring Festival, overall consumption sentiment was still dull [7]. Inventory - Commercial inventories of both gasoline and diesel increased this week. Next week, the gasoline inventory of Shandong independent refineries is expected to rise slightly, and diesel inventory is also expected to increase [74][78].

Core Insights - Pertamina, Indonesia's state-owned energy company, has completed a $7.4 billion upgrade of the Balikpapan refinery, increasing its crude oil processing capacity from 260,000 barrels per day to 360,000 barrels per day, making it the largest refinery in Indonesia [1] Group 1: Upgrade Details - The upgrade aims to meet the growing domestic energy demand in Indonesia and reduce import dependency [1] - Post-upgrade, the refinery will produce gasoline grades 92, 95, and 98, with an expected annual output of 5.8 million kiloliters, alleviating gasoline import pressure [1] - The project includes the capability to produce lower sulfur fuel and significantly increases liquefied petroleum gas (LPG) annual production capacity from 48,000 tons to 384,000 tons, which is expected to reduce LPG imports by 4.9% [1] Group 2: Future Projections - The energy sector anticipates that, combined with the mandatory biodiesel blending policy, Indonesia will be able to stop diesel imports and cease aviation fuel imports by 2027 [1] - The upgrade also includes new petrochemical production facilities, which will produce 283,000 tons of petrochemical products annually, including 225,000 tons of propylene [1]

Group 1 - The core viewpoint of the articles highlights the successful implementation of employee-driven innovation and optimization strategies at Jilin Petrochemical Company, leading to significant cost savings and operational efficiency [1][2] - In 2025, the refinery's union collected 6,277 suggestions from employees, with 5,648 being adopted, resulting in a total revenue increase of 329 million yuan [1] - The company achieved a historical high in crude oil processing volume, reaching 9.95 million tons, by addressing resource waste through a new efficient conversion mechanism [1] Group 2 - Technical upgrades, such as energy-saving modifications to the deoxygenator and the implementation of a new hydrogen compressor, have improved the heat feed ratio from 59.1% to 76.8% across 11 units [2] - The quality of petroleum coke has been upgraded from grade 2B to grade 2A, and hydrogenated wax oil products have successfully passed aviation fuel certification, expanding the high-value product matrix [2] - The company plans to continue enhancing the suggestion collection process, aiming to convert more employee insights into effective outcomes for high-quality development [2]