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雷达卡
Europe Research
07 September 2011
石油炼化行业非常全的宝典，对行业近年来的变化作了分析，并给出了预测，且对全球各大公司作了详细剖析！
对行业分析非常有帮助
Table of Contents
Stock specific summary ................................................................ 4
Global theme – refining capacity surplus ................................. 12
Alternative investment strategies to play the theme ............... 17
Why we might be wrong .............................................................. 21
Origin of downstream competitive advantages........................ 24
Refining capacity growth outlook .............................................. 31
Future imperfect ........................................................................... 38
The science and art of separation.............................................. 42
Downstream performance assessment ..................................... 48
BP ................................................................................................... 54
Royal Dutch Shell B ..................................................................... 61
ENI .................................................................................................. 67
Essar Energy................................................................................. 71
Galp Energia.................................................................................. 76
OMV................................................................................................ 80
Repsol YPF.................................................................................... 84
Statoil ............................................................................................. 88
TOTAL ............................................................................................ 93
Petrobras ....................................................................................... 98
China: Refining and Marketing structure ................................106
PetroChina...................................................................................108
Sinopec Corp – H........................................................................114
India: Refining and Marketing structure..................................121
Indian Oil Corporation................................................................123
Reliance Industries Ltd..............................................................127
Sasol.............................................................................................133
Appendices
Appendix I: Downstream performance analysis ....................146
Appendix II: Refinery transactions...........................................156
Appendix III: Refinery projects data.........................................159
Appendix IV: Global Integrated Valuation Update .................163
Appendix V: Downstream glossary of terms..........................164
Appendix VI: Valuation Methodology and Risks....................174
JPM_Global_downstream_Gl_2011-09-07_662409.pdf
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