<p>[新加坡] 中国东部山东省的一些独立炼油厂因伊朗战争导致原油成本上涨，利润大幅下滑，正在削减燃料产量，因为它们面临国内需求疲软和产品过剩，贸易和炼油来源表示。</p>
<p>尽管北京指示小型炼油厂（也称为茶壶炼油厂）保持燃料生产以保护国内供应，但中国最大的独立炼油中心的减产仍在继续，以应对伊朗战争造成的干扰。</p>
<p>平均开工率已从四月份的约 55% 降至大约 50%，预计还会进一步下降，一位熟悉情况的消息人士表示，并要求匿名。</p>
<p>这些炼油厂的减产将削弱全球最大进口国对受制裁的伊朗和俄罗斯原油的需求。</p>
<p>一些炼油厂从五一假期开始就已开始将生产降低到最低运营水平，消息人士补充道。</p>
<h2>炼油厂面临每吨至少 500 元的亏损</h2>
<p>独立炼油厂在四月最后一周每处理一吨原油预计面临 500 元（74 新元）至 600 元的亏损，消息人士补充道。</p>
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<p>一些小型炼油厂已关闭工厂进行维护，消息人士表示。</p>
<p>“如果不减产，亏损是无法承受的，” 第三位消息人士表示，并补充说一些炼油厂将开工率降低了五到十个百分点。</p>
<p>根据商品数据提供商 SCI 的数据显示，中国炼油厂在四月份每处理一吨原油亏损 649 元，而去年同期则盈利 269 元。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/97bd3df79f381afbe2cce0bf1543c6e1dd677b80585e0a498622478d02c669c5/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/97bd3df79f381afbe2cce0bf1543c6e1dd677b80585e0a498622478d02c669c5/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>美国警告中国炼油厂购买伊朗石油的制裁风险</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/346c6d350f2f0d4356aa4939f6efbaba68b55414fa5649bb11c82836833bdb9b/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/346c6d350f2f0d4356aa4939f6efbaba68b55414fa5649bb11c82836833bdb9b/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国国有炼油厂寻求恢复燃料出口，因暂停而受阻</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6878e738c3fbb6291ca88e7499dd0ae6159245918b8fd57f242551919c5e0df4/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6878e738c3fbb6291ca88e7499dd0ae6159245918b8fd57f242551919c5e0df4/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>美国对中国 “茶壶” 炼油厂因购买伊朗石油实施制裁</h3>
<p>茶壶炼油厂是全球最大的受制裁俄罗斯和伊朗原油的买家，四月份大部分已耗尽之前储备的廉价原油，并在高价时选择观望，而不是购买更多货物，消息人士表示。</p>
<p>由于冲突导致中东石油供应中断，霍尔木兹海峡关闭，这些原油的价格通常以折扣交易，但现在已飙升至溢价，交易员表示。</p>
<p>此外，中国的燃料需求依然疲软，而北京的燃料出口限制导致国内供应过剩，给茶壶炼油厂主要生产的汽油和柴油的价格带来了压力，消息人士补充道。</p>
<h2>北京指令</h2>
<p>中国强大的国家发改委在四月初告知独立炼油厂，不得将开工率降低到过去两年的平均水平以下，威胁称如不遵守将减少原油进口配额。</p>
<p>尚不清楚北京的指令执行得有多严格，尽管一些炼油厂在 5 月 9 日向山东省政府申请降低加工率或暂停部分单位的运营，消息人士表示。</p>
<p>消息人士称，北京尚未批准这些请求。</p>
<p>国家发改委没有立即回应传真请求。</p>
<p>如果请求未获批准，尚不清楚减产是否会继续。路透社</p>
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<p>中国山东省的独立炼油厂由于利润下降和国内需求疲软，正在减少燃料产量，尽管北京已指示维持生产。平均开工率已从四月份的 55% 降至约 50%，一些炼油厂面临每吨加工亏损 500 至 600 元的情况。由于伊朗战争后原油价格高企以及国内供应过剩，情况更加严峻。一些炼油厂已请求降低加工率或暂停运营，但尚未获得北京的批准</p>

<p>[SINGAPORE] Some independent refiners in China’s eastern province of Shandong are cutting fuel output on crumbling margins after the Iran war drove up crude costs as they battle weak domestic demand and excess products, trade and refining sources said.</p>
<div class="lb-trans"><p>[新加坡] 中国东部山东省的一些独立炼油厂因伊朗战争导致原油成本上涨，利润大幅下滑，正在削减燃料产量，因为它们面临国内需求疲软和产品过剩，贸易和炼油来源表示。</p>
</div><p>The cuts in China’s largest independent refinery hub come despite Beijing’s directive to the small refiners, also known as teapots, to maintain fuel production to protect domestic supplies amid disruption caused by the Iran war.</p>
<div class="lb-trans"><p>尽管北京指示小型炼油厂（也称为茶壶炼油厂）保持燃料生产以保护国内供应，但中国最大的独立炼油中心的减产仍在继续，以应对伊朗战争造成的干扰。</p>
</div><p>The average operating rate has slipped to roughly 50 per cent, from about 55 per cent in April, and is expected to fall further, said one of the four sources who are familiar with the situation and spoke on condition of anonymity.</p>
<div class="lb-trans"><p>平均开工率已从四月份的约 55% 降至大约 50%，预计还会进一步下降，一位熟悉情况的消息人士表示，并要求匿名。</p>
</div><p>Lower output from such refiners would erode demand for sanctioned Iranian and Russian crude in the world’s top importer.</p>
<div class="lb-trans"><p>这些炼油厂的减产将削弱全球最大进口国对受制裁的伊朗和俄罗斯原油的需求。</p>
</div><p>Some refiners started reducing runs to minimum operating levels from the start of the May Day holiday, the sources added.</p>
<div class="lb-trans"><p>一些炼油厂从五一假期开始就已开始将生产降低到最低运营水平，消息人士补充道。</p>
</div><h2>Refiners face losses of at least 500 yuan per tonne</h2>
<div class="lb-trans"><h2>炼油厂面临每吨至少 500 元的亏损</h2>
</div><p>The independents face an estimated loss of 500 yuan (S$74) to 600 yuan for each tonne of crude processed in the last week of April, the source added.</p>
<div class="lb-trans"><p>独立炼油厂在四月最后一周每处理一吨原油预计面临 500 元（74 新元）至 600 元的亏损，消息人士补充道。</p>
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<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
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<div class="lb-trans"><p>获取洞察信息，送到您的邮箱。</p>
</div><p>Some of the smaller refiners have shut their plants for maintenance, said the source and another.</p>
<div class="lb-trans"><p>一些小型炼油厂已关闭工厂进行维护，消息人士表示。</p>
</div><p>“Without cutting output, the losses are unbearable,” said a third source, adding that some refiners lowered run rates by five to 10 percentage points from April.</p>
<div class="lb-trans"><p>“如果不减产，亏损是无法承受的，” 第三位消息人士表示，并补充说一些炼油厂将开工率降低了五到十个百分点。</p>
</div><p>Chinese refiners were suffering losses of 649 yuan for each tonne of crude processed in April versus a profit of 269 yuan a year earlier, commodities data provider SCI said on Friday.</p>
<div class="lb-trans"><p>根据商品数据提供商 SCI 的数据显示，中国炼油厂在四月份每处理一吨原油亏损 649 元，而去年同期则盈利 269 元。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/97bd3df79f381afbe2cce0bf1543c6e1dd677b80585e0a498622478d02c669c5/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/97bd3df79f381afbe2cce0bf1543c6e1dd677b80585e0a498622478d02c669c5?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>US warns of sanctions risks for Chinese refiners of Iranian oil</h3>
<div class="lb-trans"><h3>美国警告中国炼油厂购买伊朗石油的制裁风险</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/346c6d350f2f0d4356aa4939f6efbaba68b55414fa5649bb11c82836833bdb9b/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/346c6d350f2f0d4356aa4939f6efbaba68b55414fa5649bb11c82836833bdb9b?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s state refiners seek to resume fuel exports after halt</h3>
<div class="lb-trans"><h3>中国国有炼油厂寻求恢复燃料出口，因暂停而受阻</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6878e738c3fbb6291ca88e7499dd0ae6159245918b8fd57f242551919c5e0df4/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/6878e738c3fbb6291ca88e7499dd0ae6159245918b8fd57f242551919c5e0df4?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>US imposes sanctions on Chinese ‘teapot’ refinery for buying Iranian oil</h3>
<div class="lb-trans"><h3>美国对中国 “茶壶” 炼油厂因购买伊朗石油实施制裁</h3>
</div><p>Teapots, the largest buyers of sanctioned Russian and Iranian crude globally, mostly ran out of their previously stockpiled cheap crude in April and kept to the sidelines rather than buying more cargoes at high prices, the sources said.</p>
<div class="lb-trans"><p>茶壶炼油厂是全球最大的受制裁俄罗斯和伊朗原油的买家，四月份大部分已耗尽之前储备的廉价原油，并在高价时选择观望，而不是购买更多货物，消息人士表示。</p>
</div><p>Prices for those barrels, which typically trade at discounts to benchmark ICE Brent, have surged to premiums since the conflict disrupted Middle East oil supplies with the closure of the Strait of Hormuz, traders said.</p>
<div class="lb-trans"><p>由于冲突导致中东石油供应中断，霍尔木兹海峡关闭，这些原油的价格通常以折扣交易，但现在已飙升至溢价，交易员表示。</p>
</div><p>Also, China’s fuel demand stayed weak while Beijing’s fuel export curbs led to a domestic supply glut, weighing on prices for the petrol and diesel that teapots mostly produce, they added.</p>
<div class="lb-trans"><p>此外，中国的燃料需求依然疲软，而北京的燃料出口限制导致国内供应过剩，给茶壶炼油厂主要生产的汽油和柴油的价格带来了压力，消息人士补充道。</p>
</div><h2>Beijing directive</h2>
<div class="lb-trans"><h2>北京指令</h2>
</div><p>China’s powerful state planner told independent refiners early in April not to cut run rates below the averages of the past two years, threatening reduced crude import quotas for failure to comply.</p>
<div class="lb-trans"><p>中国强大的国家发改委在四月初告知独立炼油厂，不得将开工率降低到过去两年的平均水平以下，威胁称如不遵守将减少原油进口配额。</p>
</div><p>It was not clear how strictly Beijing’s directive was being enforced, although some refiners sought permission on May 9 from the Shandong provincial government to lower processing rates or suspend operations at some units, the sources said.</p>
<div class="lb-trans"><p>尚不清楚北京的指令执行得有多严格，尽管一些炼油厂在 5 月 9 日向山东省政府申请降低加工率或暂停部分单位的运营，消息人士表示。</p>
</div><p>Beijing has yet to approve the requests, the sources said.</p>
<div class="lb-trans"><p>消息人士称，北京尚未批准这些请求。</p>
</div><p>The National Development and Reform Commission did not immediately respond to a fax for comment.</p>
<div class="lb-trans"><p>国家发改委没有立即回应传真请求。</p>
</div><p>It was unclear if the run cuts would continue if the requests were not approved. REUTERS</p>
<div class="lb-trans"><p>如果请求未获批准，尚不清楚减产是否会继续。路透社</p>
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</div>

消息人士表示，由于亏损不断增加，中国的独立炼油厂在 5 月份减少了产量