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Zhao Zhiming, secretary general of the China Petroleum and Chemical Equipment Industry Association, said in an interview with this newspaper that the above growth benefited from the increase in crude oil prices. It is expected that crude oil prices will continue to operate at high levels within the next two years, thus stimulating the petrochemical equipment manufacturing industry to have a business cycle of at least two years.
He said that since the beginning of this year, the world’s crude oil prices have continued to rise, and by the end of June the world’s oil prices have risen to US$73/barrel and have continued to rise. This high price has promoted the progress of oil exploration and development in the world, and has stimulated the demand for petrochemical equipment in the world.
In the first seven months of this year, the private enterprise’s market share rose from 4.7% to 18.5%, foreigners’ growth from the 7.1% to 14.9%, and state-owned enterprises from 88.2% to 66.6%.
Zhao Zhiming predicts that there will be room for growth in the market share of foreign and private companies in this round of growth. Equipment manufacturing will become the best entry point for private capital to enter the oil industry.
According to data recently released by the General Administration of Customs of China, exports of oil and gas drilling rigs and their parts more than doubled from the same period last year to 580 million U.S. dollars in the first seven months of this year.