"Coal Production of Oil" Becomes an Important Development Trend of China's Energy Strategy

As a net oil importer, China’s oil resources are relatively short, and in the near future, petroleum resources will inevitably move to exhaustion. In addition to participating in orderly competition in a political and economic manner, China’s main channel for increasing oil resources is the development of man-made oil—the extraction of oil from coal, ie, coal to oil. Therefore, it is imperative to analyze the current status of coal-to-liquids from the perspectives of China's oil consumption, coal reserves, and energy strategies, and to study its economic feasibility, and to formulate a coal-to-oil production strategy as soon as possible.

Since the 1970s, all countries in the world have learned lessons from multiple oil crises and generally established a complete oil security system. In order to respond to sudden oil supply disruptions, developed countries generally reserve the equivalent of 90 days of oil imports, and Japan and the United States have more than six months of oil reserves. China is the only country with no strategic oil reserves. If oil supply is interrupted in the short term, the consequences will be disastrous. To ensure the safety of oil, the inclusion of coal-based oil as a strategic energy reserve project is an important trend in China's energy strategy. At present, high and rising oil prices have pushed coal to a strategic turning point.

In a relatively long period of time, China’s crude oil production can only be maintained at the level of 160-170 million tons/year, and China has become the second largest oil consumer. In order to solve the problem that China's oil supply is in short supply, increasing imports is a way, and coal-based oil production is self-sufficient and more economical. It is predicted that by 2020, China's oil shortage will be about 200 million tons, and in addition to 120 million tons of imports, the coal-to-oil technology can solve 60 million to 80 million tons, with an investment of about 500 billion yuan. 300-400 billion yuan. Among them, indirect liquefied synthetic oil can produce more than 20 million tons, investment about 160 billion yuan, annual output value of about 100 billion yuan. From the aspect of economic efficiency, a coal-to-oil production enterprise with a construction scale of 500,000 tons/year adopts the evaluation standard of crude oil price of not less than 25 US dollars, and the internal rate of return can reach 8% to 12%. The price of diesel products can be controlled. In the 2,000 yuan / ton.

Due to its large reserves and relatively stable prices, coal has become the preferred fuel for China's power production. In the first 50 years of this century, coal will still dominate China's primary energy mix. In August 2006, the National Development and Reform Commission issued the "Opinions on the Implementation of the Ten Energy-saving Projects for the Eleventh Five-Year Plan", which promoted a number of petroleum substitute products, including coal liquefaction to produce petroleum products, and provided strong policy support for coal-based oil production. . From the perspective of raw coal needed for coal-to-oil production, China’s coal-based oil itself has the advantages of both resource reserves and imports: First, China’s coal production accounts for 12.6% of the world’s total, ranking third in the world; The country reduced the import tariff on coal from 3% to 5% to 1%, reducing the cost of coal imports, and greatly encouraged the import of coal. The coal-to-oil project has no shortage of resources.

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