PetroChina.docx
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PetroChina.docx
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PetroChina
Tableofcontents
Introduction2
AbouttheCompany3
Literaturereview4
DemandandSupplyConsiderations6
Demand6
IncomeElasticity8
Supply8
RegressionAnalysis9
MainDiscussion10
Oligopoly10
ChinesePetroleumMarket11
Petroleummarketingexcellence12
Pricingpetroleumproducts12
Petroleumcompetition13
ConclusionandRecommendations14
References15
Introduction
OneofthemostimportanteconomicsectorsofChinatodayisthepetroleumsector.Recentconcernsaboutescalatingoilpricesandrisingenergysavespendinghavesparkedconsiderableinterestinhownewwayofmoreeconomyarediscovered,tested,andsold—andinhowwellthoseprocessesservetheinterestsofChineseconsumers.Publicdialogueonthoseissues,however,suggeststhatthecomplexeconomicforcesthatgoverntheoil-productionprocessarenotwidelyunderstood.
InthisprojectthecurrentmarketsituationinChinaisfirstlydescribed.Furthermore,adescriptiveliteraturereviewisbeingascertainedrelatingthehistoryoftheoilindustrywiththepresentsituationintheoilindustrytodayaswellashowtheoilisbeinghandledbythevariouscomponentsuntilitreachesthefinalconsumer.Moreover,thereisananalysisofthepriceandnon-pricedeterminantsofdemandaswellassupplyfortheChinareality,followedbyaregressionanalysisofthemostimportantvariablesaffectingtheChinesemarket.Moreover,thetypeofmarketforwhichtheoilindustrybelongstoisbeingdescribed.
AbouttheCompany
Introduction
PetroChinaCompany,LimitedisaChineseoilcompanyandisthelistedarmofstate-ownedChinaNationalPetroleumCorporation(CNPC),mainlandChina'sbiggestproducerofoil.IttradedinHongKongandNewYork,themainlandenterpriseannounceditsplanstoissuestockinShanghaiinNovember2007,andfollowingitsdebutontheShanghaiindex,itsmarketvaluetripled.PetroChinaovernightbecamethefirstcompanywithatrilliondollarmarketcap.Similarly,acenturyearlier,U.S.Steelwasthefirstcompanywithabilliondollarmarketcap.
CompanyBackground
ThepredecessorofCNPCwastheMinistryofPetroleumIndustryofthePeople'sRepublicofChina,whichwasfoundedinJuly1955,supervisingtheexplorationanddevelopmentofoilandgasresourcesinChina.ChinaNationalPetroleumCorporationwasestablishedonSeptember17,1988onthebasisoftheMinistryofPetroleumIndustry,mainlyinchargeofoilandgasupstreamoperations.OnJuly27,1998,ChinaNationalPetroleumCorporationwasreorganizedtobecomeanintegratedgroupwithbusinessescoveringoilandgasupstreamanddownstreamoperations,aswellasoilfieldservicesandengineeringconstruction.
ImportantStages
Jul.30,1955.TheMinistryofPetroleumIndustryisfounded.
Sept.13,1958.AcommercialoilflowisacquiredfromwellDizhong4intheLenghuareaofQinghai,markingthediscoveryoftheQinghaiOilfield.
Jun.27,1971.AcommercialoilflowisobtainedfromwellLing9atMaling,Changqing,intheLongdongareaofGansuProvince,markingthediscoveryoftheChangqingOilfield.
Sept.17,1988.TheStateCouncildissolvestheMinistryofPetroleumIndustryandChinaNationalPetroleumCorporation(CNPC)isestablished.
Oct.23,1993.TheservicecontractonBlock7inTalaraOilfieldinPeruissigned,markingthebeginningofCNPC'sinternationaloperations.
Jul.27,1998.TheChinesegovernmentdecidestorestructureandestablishtheChinaNationalPetroleumCorporation(CNPC)inaccordancewiththeprincipleofupstreamanddownstreamintegration.
Oct.28,1999.PetroChinaCompanyLimited(PetroChina)isestablished.
Apr.6,2000.TheAmericanDepositaryShares(ADS)ofPetroChinaarelistedontheNewYorkStockExchange.
Apr.7,2000.TheHsharesofPetroChinaarelistedontheStockExchangeofHongKongLimited.
Competitors
ExxonMobilCorporation,orExxonMobil,isanAmericanoilandgascorporation.ItisadirectdescendantofJohnD.Rockefeller'sStandardOilcompany,[3]andwasformedonNovember30,1999,bythemergerofExxonandMobil.
ShellOilCompanyistheUnitedStates-basedaffiliateofRoyalDutchShell,amultinationaloilcompany("oilmajor")ofAngloDutchorigins,whichisamongstthelargestoilcompaniesintheworld.
Literaturereview
Petroleumorcrudeoilisanoily,flammableliquidthatoccursnaturallyindeposits,mostoftenfoundbeneaththesurfaceoftheearth.Overmillionsofyears,plantandanimalremainsfalltothefloorofshallowseas.Astheseasdrawback,theplantmaterialiscoveredbysedimentlayers,suchassilt,sand,clay,&otherplantmaterial.Burieddeepbeneathlayersofrock,theorganicmaterialpartiallydecomposes,underanabsenceofoxygen,intopetroleumthateventuallyseepsintothespacesbetweenrocklayers.Astheearth'stectonicplate’smove,therockisbentorwarpedintofoldsorit"breaks"alongfaultlines,allowingthepetroleumtocollectinpools.
Theuseofoilandgashasalongandfascinatinghistoryspanningthousandsofyears.Thedevelopmentofoilandgashasevolvedovertimeanditsnumeroususeshavealsoexpandedandbecomeanintegralpartoftoday'sglobaleconomy.Theuseofoileventuallyreplacedcoalastheworld'sprimarysourceofindustrialpowerintheearlytwentiethcentury.Justasoildrivestoday'sworldeconomy,thecontrolandavailabilityofoilplayedamajorroleinbothWorldWarsandstillremainsthecriticalfuelsourcethatpowersindustryandtransportation.
Petroleumisvitaltonearlyallindustries,ifnotindustrializedcivilizationitself,andthusiscriticalconcerntomanynations.Oilaccountsforalargepercentageoftheworld’senergyconsumption,rangingfromalowof32%forEurope,Eurasia,andtheAsiaPacificregion,uptoahighof53%fortheMiddleEast.Othergeographicregions’consumptionpatternsareasfollows:
SouthandCentralAmerica(44%),Africa(41%),andNorthAmerica(40%).Theworldatlargeconsumes30billionbarrels(4.8km³)ofoilperyear,andthetopoilconsumerslargelyconsistofdevelopednations.
Marketingisthewholesaleandretaildistributionofrefinedpetroleumproductstobusiness,industry,governmentandpublicconsumers.Thepricepaidbyconsumersisintricatelylinkedtothefactthatoilisthemajorcommodityofinternationaltrade.Inotherwords,theoilindustryisinfluencedbyeconomicandpoliticalconditions.Otherfactorsinfluencingpricearerigutilizationratesandoilcontracts.
Generallycrudeoilandpetroleumproductsflowtothemarketsthatprovidethehighestvaluetothesupplier,whichusuallymeansthenearestmarketfirstbecauseoflowesttransportationcostandhighernetrevenueforthesupplier.
However,oneofthemostpowerfulmoderncartelsistheOrganizationofthePetroleumExportingCountriesmorecommonlyreferredtoasOPEC.OPECisapermanent,intergovernmentalorganizationcreatedattheBaghdadConferenceonSeptember10-14,1960.PriortotheriseofOPEC,theoilindustrywasdominatedbythelargeoilcompaniesoftenknownastheSevenSisters.OPECwasborn,tosomeextent,toreducetheinfluencetheoilmultinationals.OPECtechnicallydoesn'tsetoilprices,butbecausetheOPECcountriesproduceabout40%oftheworld'soilsupplyandtheirexportsaccountforabout55%ofthetotalexportinoil,theirdecisionsdoplayapartinprices.ThepurposeofOPECistoagreeonthequantityandpriceoftheoiltheircountriesexport.
DemandandSupplyConsiderations
Asglobalcommodities,oilandpetroleumproducts(includinggasolineanddiesel)aresubjecttothepriceswingsinfreemarketsandcanbedramaticallyinfluencedbyperceptionsaboutfuturesupplyanddemand.
Demand
Inordertochangethedemandcurveofpetroleumproducts,astheyaredifferentlyknown,inChinaisnecessarytodeterminethefactorsthatinfluencingthisdemand.Thedeterminantsareseparateintotwocategories,thepricedeterminantwhichisthemostimportantandthenonpricedeterminants.Anincrease(ordecrease)inthedemandreferstoarightward(orleftward)movementinthedemandcurve.Apossiblemovementofthedemandcurvechangestheequilibrium,andthisisasignificantreasonofacompany’sincomechangepositivelyornegatively.Acompanythatcanmanagethisdemandcurvecaneasilyincreaseitsrevenueandincomes.
ThedemandonpetroleuminChinaincludesdifferentkindsoftablets,petrol,diesel,Lubricatingoil,andotherproducts.TherearetwodimensionsforthedemandonpetroleuminChina.Thedemandismeteitherthroughprivateretailorgovernmentpurchasing.TheprivateretailneedsareownedbyspecificindividualsorentitiesinChinaandoperateindifferentcitiesandtownsinChina.Ontheotherhand,governmentpurchasingoperateswithChinesepublicdepartments.Somespecialproductsrequireaofficer’swrittenprescriptionbeforebeingpurchased.
EversinceitsestablishmentinChina,PetroChinahadstrivedtomeettheincreasingdemandofpetroleuminthenation.WithheadquartersinBeijing,thecompanyisoperatingwithcollaborationwiththeMinistryofPetroleumIndustry,CarCompany,organizationsofpetroleum,andothers.ThiscollaborationishelpingthecompanymeetthedemandinChinaandattainagoodreputationinthemarket.ThefutureofdemandonpetroleuminChinaisrisingandthecompanyistomeetthisrise.
Thelawofdemand,intheory,statesthatthereisaninverserelationshipbetweenthepriceofagoodandthequantitydemanded.Buttherearealsonon-pricedeterminantsofdemand,theseinclude:
thechangeintheconsumer'staste,changeinthebuyer’sincome,changeinpriceofrelatedgoodsandchangeinthenumberofbuyers.Thefiguresshowhowdemandchangeswith
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