Xinhua News Agency, Beijing, August 24 (Reporter Li Jianmin and Cheng Yunjie) In order to avoid the impact of rising oil prices on the domestic economy, China is accelerating the process of “coal-to-oil†industry development and trying to integrate into the global pricing system and strive for participation in oil pricing. Rights and regulatory capabilities.
According to information from the Ministry of Commerce, the Development and Reform Commission will start a feasibility study on the establishment of a coal-to-oil conversion facility in Shaanxi and Ningxia in September this year with Sasol, a company with “coal-to-oil†technology. It is estimated that the project will have a total investment of 6 billion yuan. The dollar is designed to have an annual output of 6 million tons.
At the same time, China’s independent R&D work on “coal-to-oil†technology is also carried out in an orderly manner in Inner Mongolia, Shaanxi, Shanxi, and Yunnan. It is reported that the Shanxi Coal Chemical Institute of the Chinese Academy of Sciences, which has undertaken this technical research since 2001, has formed alliances with seven units to implement data sharing during the "coal-to-oil" experiment. In July of this year, the "coal-to-oil" development unit that processes 60,000 tons of coal per day has been commissioned in Shanghai Wusong Industrial Park. In addition, China's largest coal company, Shenhua Group, plans to invest 60 billion yuan to establish a coal liquefaction plant in Inner Mongolia. After the completion of the first phase of the project in 2008, it is expected to produce 5 million tons of synthetic oil products.
"Coal to oil" is scientifically known as the liquefaction of coal. It refers to the technology of using coal as raw material to make gasoline, diesel, and liquefied petroleum gas. At present, China's coal reserves exceed 1 trillion tons, accounting for more than 70% of all types of energy. The cost of China's "coal-to-oil" technology per barrel of gasoline and diesel products remains at around US$20, which is lower than the price range of US$22 to US$28 per barrel set by the International Petroleum Organization (OPEC).
Zheng Xinli, deputy director of the Central Policy Research Office, said: "This move will reduce our reliance on oil imports and help our country to take the initiative in international energy competition."
According to statistics, China’s oil consumption amounted to 250 million tons last year, of which 91.12 million tons were imported, ranking second in the world in terms of consumption and import volume, and 35% in dependence on oil imports. On August 13, the price of New York light crude oil futures for delivery in September exceeded US$46 per barrel, putting tremendous pressure on China’s energy consumption. Preliminary calculations show that a change of 1 US dollar per barrel of oil in the world will affect China's import use of 1.6 billion yuan, directly affecting 0.013 percentage points of GDP fluctuations.
Chen Huai, a researcher at the State Council Development Research Center, said that in addition to adopting long-term strategies for finding and developing alternative energy sources, China’s oil strategy should also strengthen its ability to respond to oil price fluctuations. Its core is “how to buy oil safely and cheaplyâ€.
Considering that China will fully open its domestic refined oil market to foreign investors at the end of 2006, China is actively preparing to build its own oil commodity exchange and considering granting more autonomy to the oil companies. China International Airlines and China Ocean Shipping General Corporation, the first to qualify for oil futures trading on the international market, all stated that they did not lose much in this round of oil price fluctuations. They all agreed that companies' participation in futures trading is beneficial to controlling their own oil costs and reducing the risk of rising oil prices.
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