中国石化“十五”期间投入产出分析

Analysis of Sinopec's Input and Output during the Tenth Five-Year Plan Period

“十五”期间,中国石油化工股份有限公司围绕“扩大资源,拓展市场,降本增效,增加回报”的战略方针,在油田、炼油、化工、销售4个主要业务板块累计投入和资产收购3189亿元,投资成效显著,年平均占用资本回报率10%,全部投资内部收益率13%。各业务板块的投资回报呈现出不同的特点:销售板块低风险、高回报,低投入、高产出;油田板块,高风险、高回报,高投入、高产出;炼油和化工板块低风险、低回报,高投入、低产出。“十五”期间,中国石化的产业结构得到了优化,整体实力进一步增强,但新的投入也同样存在高风险、竞争力不够强、投资回报不够高等问题。展望“十一五”,中国石化应继续坚持“十五”的发展战略思路不变,但在具体内容上应有所调整:油田板块宜抓紧国内新区勘探开发和积极实施“走出去”战略,进一步实现战略接替和降低成本;销售板块宜继续加大销售网络建设,做大油品贸易,提高国内市场份额,积极开拓海外销售;炼油和化工板块要认真分析世界和区域市场供需关系,把握投资节奏,严谨投入。

Unwaveringly following its strategy of“increasingresources, expanding market, cutting cost and raisingefficiency and increasing returns', Sinopec spent RMB 318.9 billion investing in, or acquiring, related businesses inoilfields, oil refineries, petrochemicals, and its marketing,achieving an amazing annual average rate of return oncapital of 10% and IRR of 13% during the 10th Five-YearPlan period. The returns on investment in these differentbusiness segments vary in the following ways: the marketingsegment features low risk and input and high return andoutput; the oilfield high risk, return, input and output; andthe oil refinery and petrochemicals segments require highinput but represent low risk, output and return. Sinopeccontinued improving its business structure and consolidatingits overall strength. Despite these positive signs ofdevelopment, the new investment by Sinopec in these fieldsis likely to expose the company to big risks, blunt itscompetitive edge, or fail to deliver a high rate of return asexpected. For the new Five-Year Plan period, the companyshould generally keep following its development strategyset for the last five-year period while making some minoradjustments in some specific aspects. Sinopec needs tospeed up its oil exploration and development in the newoilfields and the 'go international' initiative, and fulfill therelacement of strategic reserves. It also needs to reduce costin its oilfield business; continue building its sales network,expand its oil trade, acquire a greater share of the domesticmarket and increase its sales in the overseas markets. Itshould make moderate investments in the oil refinery andpetrochemical segments based upon an in-depth analysis ofthe supply and demand for refined oil and petrochemicalproducts in the global and regional markets.22U