国际炼油业务并购分析与启示

Analysis of mergers & acquisitions of international oilrefining businesses and their lessons

本轮国际金融危机之后,国际炼油业务并购再度活跃,呈现西方综合性石油公司出售炼油业务、独立炼油商和新兴国家的石油公司购买,以及世界范围内炼油业务由西向东转移的趋势。这些调整背后的根本动机在于实施专业化经营、国际化运营和战略转移。对于中国的石油公司而言,应审慎开展海外炼油业务并购,突出发展国内业务、积极搞好亚太中东地区的合资合作;重新认识综合性石油公司的特点,突出专业化优势;鼓励独立炼油商的发展,推动成品油资源的市场化。

After the international financial crisis,mergers & acquisitions of international oil refining business have regained momentum,and show the following trends:Integrated oil companies in Western countries are selling their oil refining business,independent refiners are purchasing such business,and the global oil refining business is shifting from the West to the East.The prime motive behind such an adjustment is to pursue specialized and internationalized operations and a strategic shift.As far as China's oil companies are concerned,they should be cautious in overseas mergers & acquisitions of oil refining businesses,commit themselves more to domestic business,and actively promote joint ventures and cooperation in the Asia-Pacific region and the Middle East.They should review the characteristics of integrated oil companies,and better utilize their advantages in specialization.China should encourage independent refiners to develop,thereby promoting the market-oriented utilization of refined oil resources.