Sinopec Said LPG Demand Growth Will Slow Down
In November 4th, SINOPEC (China Petrochemical Corporation (600028.SH/0386.HK/NYSE.SNP) Yang Chen, a consultancy researcher, delivered a speech at the 2010 Gas Industry Symposium. Liquefied petroleum gas (LPG, referred to as "liquefied petroleum gas") demand growth will slow down, and may also decrease in the future.
Yang Chen explained that as the natural gas pipeline gradually entered the city, the substitution effect of civil natural gas increased rapidly, and the civilian demand of liquefied gas gradually shifted to the rural market.
However, because the share of gas consumption of rural residents is relatively small, the liquefied natural gas in the rural market accounts for only 24% of the total natural gas, leading to a slowdown in demand for liquefied petroleum gas and a possible reduction in the future.
In November 5th,
Ping An Securities
Du Zhiqiang, an analyst in the petrochemical industry, said in a telephone interview with reporters that Sinopec is the largest LPG producer in China. The gradual reduction of LPG demand in China will lead to further processing of Sinopec's refining business, intensified refinery and conversion of LPG into ethylene, gasoline, diesel and other products.
Yang Chen said that the share of civilian liquefied petroleum gas in the total consumption of liquefied petroleum gas is also decreasing.
In 2009, consumption of liquefied petroleum gas accounted for 66% of total consumption, compared with 84% in 2008.
Yang Chen further explained that China's per capita consumption of LPG is still lower than that of developed countries, and the consumption of LPG is mainly concentrated in the economically developed areas such as the southeastern coast and Bohai rim, and the consumption in the southwest, northwest and northeast of China is still very low.
Yang Chen estimated that the apparent consumption of LPG in China in 2010 was about 22 million tons, an increase of 4% over 2009, of which the civilian demand was about 15 million tons.
According to the National Bureau of statistics, the apparent consumption of LPG in China in 2009 was 21 million 160 thousand tons and the output was 17 million 920 thousand tons.
Sinopec is China's largest oil refining and chemical enterprise.
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