<p>[新加坡] 中國東部山東省的一些獨立煉油廠因伊朗戰爭導致原油成本上漲，利潤大幅下滑，正在削減燃料產量，因為它們面臨國內需求疲軟和產品過剩，貿易和煉油來源表示。</p>
<p>儘管北京指示小型煉油廠（也稱為茶壺煉油廠）保持燃料生產以保護國內供應，但中國最大的獨立煉油中心的減產仍在繼續，以應對伊朗戰爭造成的干擾。</p>
<p>平均開工率已從四月份的約 55% 降至大約 50%，預計還會進一步下降，一位熟悉情況的消息人士表示，並要求匿名。</p>
<p>這些煉油廠的減產將削弱全球最大進口國對受制裁的伊朗和俄羅斯原油的需求。</p>
<p>一些煉油廠從五一假期開始就已開始將生產降低到最低運營水平，消息人士補充道。</p>
<h2>煉油廠面臨每噸至少 500 元的虧損</h2>
<p>獨立煉油廠在四月最後一週每處理一噸原油預計面臨 500 元（74 新元）至 600 元的虧損，消息人士補充道。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察信息，送到您的郵箱。</p>
<p>一些小型煉油廠已關閉工廠進行維護，消息人士表示。</p>
<p>“如果不減產，虧損是無法承受的，” 第三位消息人士表示，並補充説一些煉油廠將開工率降低了五到十個百分點。</p>
<p>根據商品數據提供商 SCI 的數據顯示，中國煉油廠在四月份每處理一噸原油虧損 649 元，而去年同期則盈利 269 元。</p>
<p>另見</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>美國警告中國煉油廠購買伊朗石油的制裁風險</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>中國國有煉油廠尋求恢復燃料出口，因暫停而受阻</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>美國對中國 “茶壺” 煉油廠因購買伊朗石油實施制裁</h3>
<p>茶壺煉油廠是全球最大的受制裁俄羅斯和伊朗原油的買家，四月份大部分已耗盡之前儲備的廉價原油，並在高價時選擇觀望，而不是購買更多貨物，消息人士表示。</p>
<p>由於衝突導致中東石油供應中斷，霍爾木茲海峽關閉，這些原油的價格通常以折扣交易，但現在已飆升至溢價，交易員表示。</p>
<p>此外，中國的燃料需求依然疲軟，而北京的燃料出口限制導致國內供應過剩，給茶壺煉油廠主要生產的汽油和柴油的價格帶來了壓力，消息人士補充道。</p>
<h2>北京指令</h2>
<p>中國強大的國家發改委在四月初告知獨立煉油廠，不得將開工率降低到過去兩年的平均水平以下，威脅稱如不遵守將減少原油進口配額。</p>
<p>尚不清楚北京的指令執行得有多嚴格，儘管一些煉油廠在 5 月 9 日向山東省政府申請降低加工率或暫停部分單位的運營，消息人士表示。</p>
<p>消息人士稱，北京尚未批准這些請求。</p>
<p>國家發改委沒有立即回應傳真請求。</p>
<p>如果請求未獲批准，尚不清楚減產是否會繼續。路透社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送到您的郵箱，免費。</p>

中國 MSCI ETF - iShares

中國龍 ETF - Roundhill

<p>中國山東省的獨立煉油廠由於利潤下降和國內需求疲軟，正在減少燃料產量，儘管北京已指示維持生產。平均開工率已從四月份的 55% 降至約 50%，一些煉油廠面臨每噸加工虧損 500 至 600 元的情況。由於伊朗戰爭後原油價格高企以及國內供應過剩，情況更加嚴峻。一些煉油廠已請求降低加工率或暫停運營，但尚未獲得北京的批准</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] 中國東部山東省的一些獨立煉油廠因伊朗戰爭導致原油成本上漲，利潤大幅下滑，正在削減燃料產量，因為它們面臨國內需求疲軟和產品過剩，貿易和煉油來源表示。</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>儘管北京指示小型煉油廠（也稱為茶壺煉油廠）保持燃料生產以保護國內供應，但中國最大的獨立煉油中心的減產仍在繼續，以應對伊朗戰爭造成的干擾。</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>平均開工率已從四月份的約 55% 降至大約 50%，預計還會進一步下降，一位熟悉情況的消息人士表示，並要求匿名。</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>這些煉油廠的減產將削弱全球最大進口國對受制裁的伊朗和俄羅斯原油的需求。</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>一些煉油廠從五一假期開始就已開始將生產降低到最低運營水平，消息人士補充道。</p>
</div><h2>Refiners face losses of at least 500 yuan per tonne</h2>
<div class="lb-trans"><h2>煉油廠面臨每噸至少 500 元的虧損</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>獨立煉油廠在四月最後一週每處理一噸原油預計面臨 500 元（74 新元）至 600 元的虧損，消息人士補充道。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察信息，送到您的郵箱。</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>一些小型煉油廠已關閉工廠進行維護，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>“如果不減產，虧損是無法承受的，” 第三位消息人士表示，並補充説一些煉油廠將開工率降低了五到十個百分點。</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>根據商品數據提供商 SCI 的數據顯示，中國煉油廠在四月份每處理一噸原油虧損 649 元，而去年同期則盈利 269 元。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>美國警告中國煉油廠購買伊朗石油的制裁風險</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>中國國有煉油廠尋求恢復燃料出口，因暫停而受阻</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>美國對中國 “茶壺” 煉油廠因購買伊朗石油實施制裁</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>茶壺煉油廠是全球最大的受制裁俄羅斯和伊朗原油的買家，四月份大部分已耗盡之前儲備的廉價原油，並在高價時選擇觀望，而不是購買更多貨物，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>由於衝突導致中東石油供應中斷，霍爾木茲海峽關閉，這些原油的價格通常以折扣交易，但現在已飆升至溢價，交易員表示。</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，中國的燃料需求依然疲軟，而北京的燃料出口限制導致國內供應過剩，給茶壺煉油廠主要生產的汽油和柴油的價格帶來了壓力，消息人士補充道。</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>中國強大的國家發改委在四月初告知獨立煉油廠，不得將開工率降低到過去兩年的平均水平以下，威脅稱如不遵守將減少原油進口配額。</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執行得有多嚴格，儘管一些煉油廠在 5 月 9 日向山東省政府申請降低加工率或暫停部分單位的運營，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>消息人士稱，北京尚未批准這些請求。</p>
</div><p>The National Development and Reform Commission did not immediately respond to a fax for comment.</p>
<div class="lb-trans"><p>國家發改委沒有立即回應傳真請求。</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>如果請求未獲批准，尚不清楚減產是否會繼續。路透社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送到您的郵箱，免費。</p>
</div>

消息人士表示，由於虧損不斷增加，中國的獨立煉油廠在 5 月份減少了產量