石油炼制企业如何应对石油贸易价格风险

Trading and price risk managment of petrochemical companies

随着中国对原油进口依存度急剧加大，规避石油贸易价格风险已成为我们必须解决的问题。中国政府对下属炼油企业在原油采购期纸货保值等方面的操作有严格要求，在采购过程中对原油成本控制能力比较薄弱。本文指出，在目前石油贸易日趋金融化的情况下，如果只是被动接受原油价格而不采取适当的控制手段，将会使贸易风险敞口。原油成本占石油炼制企业总成本95％左右，利用石油金融衍生品工具控制原油价格风险对控制企业成本具有重要意义。

According to the sharp increase demand of crude oil import of China, it shows that we must solve the problem of how to avoid the risk of trad- ing and . In China, the business of crude oil purchasing and paper hedging of the crude oil precessing and petroleum products production companies is strictly controlled by the government and policy, producer＇ s ability of controlling the cost and risk is very weak without enough hedging. This thesis point out the situ- ation of petroleum trade tend to ＂financialisation＂ if we just accept the oil price passively without risk management ,risk exposure would occur. Since the crude oil cost occupy 95 percent of the petrochemical or refinery, it is important to use the oil trade financial derivatives to manage the market risk. This thesis use descriptive research and illustrational method to discover the way for petrochemical or refinery to use appropriate hedging to avoid market and price fluctuations, adjust valuation type and time period, adjust absolute price ,and lots of operations. So it can provide flexible mechanisms for trading operators to manage the risk position of crude oil, and make more room for manoeuvre of the physical transactions. This thesis point out it is very important to pursue risk management of the petroleum refineries and companies who expect to win the international competitive- ness. For the controlling of oil risk, particularly for the refineries in China mainland, they should use the approach of risk management and financial instruments to develop the ability of risk controlling and resources obtaining.