Chinese Refiners Looking For More Product Out Of The “Bottom Of The Barrel” To Boost Returns
December 02, 2015
Chinese refiners are looking to get more product out of every barrel of oil – especially the hard-to-refine “bottom of the barrel” residue – over the next decade, according to a comprehensive survey of both state-owned and independent Chinese refiners conducted on behalf of Honeywell’s UOP.
The industry survey of managers and technical engineers was conducted by Chem1, a Beijing-based firm specializing in providing consulting services to the refining and petrochemical industries. The survey found that interest in upgrading technology is driven by a refiner’s need to better process heavy crude oil and get more useable, high-value products such as transportation fuel from every barrel.
“China is the world’s largest importer of cr ude oil. Getting more useable products from each barrel is critical to their operations, especially as they seek to take advantage of low-priced heavy crude, which is significantly harder to refine,” said Zhiming Huang, general manager of Honeywell UOP in China. “Coupling that challenge with increasingly stringent fuel and emission standards, Chinese refineries are hungry for a breakthrough technology to enable more profitable operations by finding more ‘gold’ in the bottom of every barrel.”