通过整合MOL的全球海运专业能力与ONGC的区域运营优势，双方合作旨在提升能源运输及整个价值 链的协同效益。该项目获得了印度石油天然气部及财政部下属公共资产管理部门的指导支持，也体现了 ONGC向能源物流和特种船舶运输领域的战略拓展。 两家合资公司将分别拥有一艘超大型乙烷运输船(VLEC)，并悬挂印度国旗运营。这些船舶将专门用于 从美国向印度运输乙烷原料。所运输的乙烷将供应给ONGC旗下子公司ONGC Petro additions Ltd.，为其 位于包奇年产110万吨乙烯和40万吨丙烯的混合原料蒸汽裂解装置提供关键原料。 中化新网讯近日，印度石油天然气公司(ONGC)与日本三井OSK海运公司(MOL)正式签署合资协议，共 同投资设立两家位于印度的乙烷运输新实体Bharat Ethane One IFSC和Bharat Ethane Two IFSC。根据协 议，ONGC将向每个合资公司认购20万股股份，每股100印度卢比，持股比例50%，MOL持有剩余50% 股权。 ...

12月25日，离岸人民币兑美元升破7.0大关，最高触及6.9963，为2024年9月以来首次。今年以来，离岸人民币对美 元汇率累计升值达4.6%。在岸人民币对美元即期汇率逼近"7"关口，年内累计升值4%。汇率破7之后，此前滞留海 外的企业盈余加速结汇，将进一步推动升值和热钱流入。 宝丰能源是煤头路线的代表，公司的煤化工基地集中在宁夏和内蒙，通过"煤制甲醇→甲醇制烯烃"工艺路线，生 产聚烯烃等高附加值产品。据了解，宝丰能源原料以国内煤炭为主，进口依赖度极低，而国内煤炭价格相对稳 定，且公司拥有自有煤矿，成本控制能力较强，因此人民币升值对宝丰能源利润影响十分有限，可忽略不计。 卫星化学：气头路线龙头，汇率敏感度中 气头路线以乙烷、丙烷等轻烃为主要原料，目前国内部分企业高度依赖乙烷进口，部分需要丙烷进口，对汇率敏 感程度中度敏感，取决于企业进口比例。 化工行业根据原料来源不同，主要分为三种工艺路线，分别为油头路线、煤头路线和气头路线，这三种路线在成 本结构、盈利模式和汇率敏感度方面存在显著差异。 荣盛石化：油头路线龙头，汇率敏感度高 油头路线是化工行业的主流路线，以原油(石脑油)为主要原料，通过蒸汽裂解、催化裂解等 ...

CHILISMAN CHANNER CONTRACTOR COLLECTION CONSULTION CONSULTION CONSULTION CONTRACT . Wa a | | | | 投资咨询业务资格:证监许可【2012】31号 | | ITC国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | | PE数据日报 | | | | | 国贸期货研究院 | | 投资咨询证:Z0015946 | | | | | 能源化工研究中心 陈一凡 | | 2025/12/25 从业资格证:F3054270 | | | 指标 | 2025/12/23 2025/12/24 | | 变动值 | 现货综述 | | | Brent | 62. 07 | 62. 38 | 0. 31 p | | | | 动力煤 | 470 | 470 | 0 | | | | 乙烷(CFR中国) | 3080 | 3100 | 20 | | | 上游 | ○乙烯(进口) | 745× | 745 | 0 | | | | 乙烯(山东) | 6150 | 6150 | 0 | | | | 乙 ...

此外，巴国油还与布拉斯科公司签署了一份丙烯供应合同，协议期限5年，于2026年5月生效，总价值约 9.4亿美元。该合同约定的丙烯将由Reduc、Recap和Refap三家炼油厂负责供应，其中Recap炼油厂年供 应量最高可达14万吨，Reduc炼油厂为10万吨，Refap炼油厂的供应量则将逐步提升，到合同末期达到每 年6万吨。 协议的第二部分价值56亿美元，约定自2026年起的11年内，向布拉斯科公司位于里约热内卢州卡希亚斯 公爵市的生产基地供应乙烷、丙烷两类天然气凝析液产品，以及氢气。 中化新网讯 12月18日，巴西国有石油巨头巴西国家石油公司与聚合物生产商布拉斯科共同宣布，历经 数年谈判，双方已达成总价值178亿美元的长期原料供应协议。布拉斯科公司希望借此将其在巴西本土 以石脑油为主的生产模式，逐步转型为采用乙烷等更具成本竞争力的天然气凝析液作为原料，同时取代 并扩充将于2025年底到期的现有供应合同。 协议中金额最高的部分达113亿美元，主要内容为向布拉斯科公司分布在圣保罗州、巴伊亚州和南里奥 格兰德州的工厂供应石化级石脑油，其中涵盖了布拉斯科公司位于南里奥格兰德州的旗舰基地特里温福 联合工厂。这份为期 ...

作为国家"十四五"重点工程，天津南港乙烯项目是环渤海地区炼化一体化标志性工程。该项目聚焦120万吨/年乙烯及下游高端新材料产业集群建 设，填补了北方高端石化产能缺口。此次首船乙烷顺利到港，标志着项目原料供应体系正式运转，为项目全面达产达效奠定了坚实基础。 作者：李帅、司瑶 新华社音视频部制作 【纠错】 【责任编辑:刘阳】 14日下午，利比里亚籍"维斯塔"轮靠泊天津南港工业区新建码头。这艘船舶装载的3.1万吨乙烷，是天津南港乙烯项目迎来的首船进口原料。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the basic chemical industry [2] Core Views - The basic chemical industry is expected to see a layout period at the end of the year, with a high overall weighted operating rate and low price differentials indicating potential for a reversal [14] - The tire industry has shown signs of recovery, with leading companies expected to return to high growth by 2026 due to easing tariffs and recovering raw material costs [15] - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical and Chemical Industry (2025-2026)" is anticipated to accelerate industry transformation and upgrading [16] Summary by Sections Industry Basic Data - The industry comprises 494 listed companies with a total market value of 54,965.58 billion and a circulating market value of 48,900.97 billion [2] Price and Performance - The report indicates a 2.0% absolute performance increase over one month, 28.6% over six months, and 25.6% over twelve months [3] - Key price increases this week include Henry natural gas (+18.5%), ethane (+10.4%), and octanol (+7.8%) [13] Sector Tracking - The tire sector is highlighted for its recovery, with nine out of eleven listed companies reporting profit growth in Q3 [15] - The agricultural chemical sector is noted for recent price increases in small pesticide varieties and the essential nature of fertilizers [7] - The phosphorous chemical sector is under observation for changes in industry dynamics due to favorable policies [7] Investment Strategies - Suggested investment routes include early-stage recovery stocks, scarce resource leaders, high-growth potential companies, and sectors with favorable supply-demand structures [14] - The report emphasizes the importance of focusing on the fluorine, silicon, and phosphorus sectors for their valuation elasticity and potential for new cycle star products [17][18] Policy and Regulatory Developments - The Ministry of Industry and Information Technology has initiated discussions on PTA industry development to prevent excessive competition and promote stable operations [16] - The report notes that the petrochemical sector is expected to undergo significant changes due to new policies aimed at optimizing supply and enhancing technological innovation [19]

据沙特财政部在2026年预算声明中披露，沙特阿美已完成贾富拉天然气处理厂一期工程建设，当前气田 日均产量已达4.5亿立方英尺。该项目总投资高达1000亿美元，是美国以外全球规模最大的非常规天然 气开发项目，已探明储量涵盖约229万亿立方英尺天然气与750亿桶凝析油。按照规划，项目将于2030年 全面完工，届时气田日产量将提升至20亿立方英尺，同时形成日均4.2亿立方英尺乙烷及63万桶高价值 液体的稳定产能。 中化新网讯沙特阿拉伯近日宣布，其国内最大非伴生气开发项目贾富拉天然气田已成功投产。这一举措 对沙特大幅提升天然气处理能力、保障国内日益增长的能源需求具有核心支撑作用，是该国能源战略升 级的关键一步。 今年早些时候，贝莱德旗下全球基础设施合作伙伴部门牵头，与沙特阿美签署价值110亿美元的租赁协 议，合作范围覆盖项目核心天然气基础设施。沙特阿美总裁兼CEO阿明.纳赛尔指出，贾富拉项目的投 产标志着公司天然气产能扩张计划正式落地，不仅将为沙特能源、人工智能、石化等重点行业的发展提 供强劲动能，更将助力公司深化全球液化天然气(LNG)市场的战略布局。 ...

Report Summary 1. Core View - LLDPE futures prices continued to decline, with the basis in North China weakening again to a discount. The number of warehouse receipts has decreased recently. Due to the rebound of futures prices in the early stage of last week, upstream sellers reduced prices to sell goods, and the industry's willingness to hold goods was poor under the weakening demand, putting pressure on the basis. The US and Middle - East offers decreased, and shipments are expected to arrive in Q1 2026 [1]. - The raw material crude oil price fluctuated, the monomer segment rebounded slightly, and the supply profits of PE ethylene and ethane were compressed. The PE market was in a low - level oscillation. The downstream agricultural film demand weakened marginally, and the packaging film industry maintained rigid demand. After the recent decline, the willingness of middle and downstream enterprises to hold goods weakened, and the upstream offered discounts to sell goods at the end of the year, resulting in a slight reduction in factory inventory and a weak basis. On the supply side, Guangxi Petrochemical gradually started production, and the current maintenance plan in December is neutral. In the medium term, attention should be paid to the supply - demand pressure brought by high production capacity and weakening demand [2]. 2. Directory Summary 2.1 Fundamental Tracking - **Futures Data**: The closing price of L2601 was 6674, a daily decline of 1.51%. The trading volume was 449,625, and the open interest increased by 7,056. The 01 - contract basis was - 44 (compared with - 56 the previous day), and the 01 - 05 contract spread was - 68 (compared with - 53 the previous day) [1]. - **Spot Prices**: The spot prices in North China, East China, and South China were 6,630 yuan/ton, 6,870 yuan/ton, and 6,800 yuan/ton respectively, all lower than the previous day [1]. 2.2 Spot News - The futures market continued to decline, and the North China LL basis weakened again to a discount. The number of warehouse receipts decreased recently. Due to the previous futures rebound and upstream selling at reduced prices, the demand weakened marginally, and the industry's willingness to hold goods was poor, putting pressure on the basis. The Middle - East and US offers decreased, and shipments are expected to arrive in Q1 2026 [1]. 2.3 Market Condition Analysis - The raw material crude oil price fluctuated, the monomer segment rebounded slightly, compressing the supply profits of PE ethylene and ethane. The PE market oscillated at a low level. The downstream agricultural film demand weakened marginally, while the packaging film industry maintained rigid demand. After the recent decline, the willingness of middle and downstream enterprises to hold goods weakened, and the upstream offered discounts to sell goods at the end of the year, resulting in a slight reduction in factory inventory and a weak basis. On the supply side, Guangxi Petrochemical gradually started production, and the current maintenance plan in December is neutral. In the medium term, attention should be paid to the supply - demand pressure brought by high production capacity and weakening demand [2]. 2.4 Trend Intensity - The trend intensity of LLDPE is 0 [3]

NUMBER WATER WARRENT FREE WARRET FREE FREE FREE FREE FREE FREE FREE . Wa (2) | ITG国贸期货 | 投资咨询业务资格:证监许可【2012】31号 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | PE数据日报 | | | | | | | | | | | 国贸期货研究院 | 投资咨询证:Z0015946 | 2025/12/05 | 从业资格证:F3054270 | 能源化工研究中心 陈一凡 | | | | | | | 2025/12/03 2025/12/04 | 现货综述 | 指标 | 变动值 | 62. 45 | | | | | | | 62.67 | 0. 22 | Brent | 动力煤 | 470 | 470 | | | | | | 乙烷(CFR中国) | 3120 | 3140 | 20 | 乙烯(进口) | 上游 | 740x | 740 | 0 | | | 今日LLDPE市场价格多数跌。国内LLDPE市场 ...

Core Points - The article discusses the recent joint statement released by the White House regarding the U.S.-Thailand Trade Framework, highlighting significant trade agreements and commitments made by Thailand to enhance bilateral trade relations [1][2] Group 1: Tariff and Non-Tariff Barriers - Thailand will eliminate 99% of tariff barriers on all U.S. industrial products, food, and agricultural products, while the U.S. will maintain a 19% equivalent tariff on Thai goods, with certain items listed in the White House's executive order subject to zero tariffs [1] - Thailand has agreed to address non-tariff barriers for U.S. industrial products by accepting U.S. standards for vehicles, FDA-approved pharmaceuticals, issuing import licenses for U.S. fuel ethanol, and removing legal incentives for customs penalties [1] - For U.S. food and agricultural products, Thailand will expedite the entry of meat, poultry, and horticultural products that meet U.S. certification standards and accept certifications from U.S. regulatory agencies [1] Group 2: Services and Investment - Thailand commits to not imposing a digital services tax, ensuring non-discriminatory measures for U.S. digital services, and supporting the WTO's suspension of electronic transmission tariffs [1] - The country will not impose screening quotas on films and will relax foreign ownership restrictions in the telecommunications sector, as well as eliminate regulations requiring domestic processing of Thai-issued debit card transactions [1] Group 3: Purchase Commitments - Thailand plans to purchase approximately $2.6 billion worth of U.S. agricultural products annually, including feed corn, soybean meal, and dried distillers grains [2] - The country will also buy about $5.4 billion in U.S. energy products each year, including liquefied natural gas, crude oil, and ethane, along with 80 aircraft from the U.S. totaling $18.8 billion [2] - Additional principles regarding labor, environment, intellectual property, and state-owned enterprises are included in the agreement, with negotiations for the Trade Agreement set to commence in the coming weeks [2]