每日新闻更新 — 中国的石油管道改革 The Daily Update – China Pipeline Reform

中国正在建立自己的国家石油和天然气管道公司,使该国能够更好地简化其庞大的石油和天然气管道网络的运营并降低其成本以及目前由该国三大能源巨头运营的资产。这三大巨头分别是:中国石油天然气集团公司(CNPC)、中国海洋石油总公司(CNOOC)和中国石油化工股份有限公司(Sinopec,简称中石化)。根据国家能源局的数据,到2020年,中国的管道网络将扩展到大约16.9万公里,而到2025年将扩展到24万公里。

(这些扩展项目)合并后的资产价值大约为750亿美元,可以吸引更多的投资、降低成本(尤其是在与液化天然气运输有关的领域)并增加竞争;同时也将导致天然气价格的下降,最终通过刺激天然气需求而减少对煤炭的使用量。据预测,中国国内飙升的对液化天然气的使用量将使未来四年的需求进一步增加50%。不过,目前的基础设施是否能够支撑这种需求从而推动国有石油部门的改革和自由化还是令人怀疑的。


 作为全球产量最大的炼油商,中石化同意分拆其液化天然气销售和管道资产以加快拟议的改革。这将使整个行业的定价更加以市场为基础,继而与2013年公布的中国天然气价格改革保持一致。今年中石化的债券表现良好,2023年到期、利息为3.125%的债券的收益率收紧了110个基点。这种A1/A+评级的债券继续提供两个信用节点的缓冲。

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