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Strong RMB to have mixed effect on oil
By Wang Ying (China Daily)
Updated: 2005-07-27 06:26

Domestic oil traders will not sharply increase their refined oil import, because the price difference of 600 yuan (US$74) per ton in the domestic market and 700 yuan (US$86) in the world market will keep the trading business non-profitable, said Huang Meilong, a petrochemical analyst with the Shanghai-based Shenyin Wanguo (SYWG) Research & Consulting Co Ltd.

Those who should feel the greatest impact of the recent yuan revaluation, analysts said, are the country's oil companies.

"The impact would vary for different categories of the oil companies' business portfolios," said Gong Jinshuan, a senior analyst with the country's largest oil and gas producer, the China National Petroleum Corp (CNPC).

Impact will be negative for those oil firms' upstream refining business as well as those in chemical production, since the products of both these sectors are priced on the basis of the US dollar, said SYWG's Huang.

For the refining business, the effect is positive as the yuan appreciation means lower costs when buying the US-dollar-denominated crude oil.

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