Thailand’s leading oil and gas producer, wholesaler and retailer is PTT, which holds significant shares in a number of large companies in the sector, including E&P entity PTTEP, which is the major player in the country’s upstream operations, alongside US giant Chevron. The midstream segment is dominated by PTT, while in the downstream segment there are a larger number of companies, especially in the consumer fuel business, where a number of foreign players compete with the local ones.

Bunker fuel is the term given to any fuel oil used in marine vessels. It is poured into the ship bunkers to power its engines. The global bunker fuel market is segmented into type, commercial distributors, end user, and region. Based on type, the market is classified into marine gas oil (MGO) and residual fuel oil (RFO). Based on the commercial distributors, it is divided into oil majors, large independent, and small independent. Based on end user, it is categorized into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, and gas tanker. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The report also covers the strategies adopted by the key players in the market to sustain the competitive environment and to increase their market share. Sinopec group, Exxon Mobil, Royal Dutch Shell, BP PLC, and Total SA are some of the major players discussed in this report, which cater to the global bunker fuel market.

Up to 2014, the oil and gas sector in Mexico was wholly controlled by PEMEX. The lack of competitive incentives stalled investment, causing a continued decline in production and reserves since the beginning of the 2000s. From 2000 to 2013 crude oil production fell by 16.8%, which had major implications on earnings for the federal government and led to higher hydrocarbon imports. To counter these trends, in 2013 the country enacted the energy reform, a constitutional amendment that completely overhauled the regulatory framework of the sector, opening it to private participation and foreign investment. Five years on from the reform, private ownership is still at an incipient stage even though more than 100 exploration and production contracts have been awarded to local and international private players through three tenders, comprising a total of eight bidding sessions starting in 2015. Some of the awardees have made important discoveries since, but few have started commercial operations and it is hard to determine when they will begin to make a difference in total production. Furthermore, the sector’s future under Mexico’s new president, Andres Manuel Lopez Obrador, remains unclear. Some members of his cabinet have been critical of the 2013 energy reform, calling upon the government to revise the awarded contracts, whilst promising to respect the awarded contracts if no unlawfulness is found, and even promote more bidding rounds.

Petronas is entrusted with exclusive ownership over Malaysia’s oil and gas resources by virtue of the Petroleum Development Act 1974 . The upstream activities are carried out through either PSCs or RSCs with other upstream companies. In the midstream segment, Petronas dominates the pipeline transmission, but competes against other shipping operators in the tanker business. As for downstream, Petronas is a major player in petrochemicals, but is a less formidable competitor in the consumer fuel business.

Oil and gas together account for 35.61% of the total energy consumption in India. The country is the world’s third-largest consumer of petroleum products after the US and China. India boasts substantial underdeveloped oil and gas reserves which is propitious, as the crude oil and natural gas have been in the ascendant, in an effort to replace coal as the predominant source for power generation in the country. The government has therefore been focusing on widespread regulatory and pricing reforms in this sector to unlock stranded resources, encourage investments and reduce bureaucratic inefficiencies.

Turkey’s strategic geographic position at the crossroad between Asia, Europe and the Middle East, makes the country an important energy transition hub. The Turkish Straits, which include the Bosporus and the Dardanelles, are among the busiest waterways in the world and are primary oil export routes for Russia and the Asian oil producers. According to the EIA, some 48,000 vessels transit the straits each year. In 2016, an estimated 2.4 mmbbl/d of crude oil and petroleum products flowed through the Turkish Straits. Crude oil accounted for an estimated 80% of the total. Volumes peaked to more than 3.4 mmbbl/d in 2004, however Russia has shifted crude oil exports away from the Black Sea and toward the Baltic ports.

化工企业的盈利主要来自于行业周期波动和自身成本优势，行业波动更多依赖于行业供需因素，而公司的成本优势是企业的核心竞争力，并且随着行业的发展，优势企业相对于边际产能的成本优势在不断扩大。化工企业的发展符合典型的马太效应，强者恒强。我们认为，化工企业的成本差是价值投资在化工领域起作用的基础，成本优势为上市公司提供了业绩底，为价值投资提供了业绩基础。为了更好地研究清楚化工龙头企业的业绩底部，我们会研究一系列行业的业绩底部。

“十三五”期间，我国七大石化基地的众多大型炼化项目，目前部分项目已经进入投产期。这些大型的炼化项目对炼化行业的影响，从炼油来看，一个是对地炼的冲击，另一个是中国成品油的出口将显著增加。从化工来看，目前烯烃和芳烃下游衍生物还在大量进口，新建炼化项目将使这些产品进口依赖度大幅下降。但是目前规划的乙烷制乙烯项目受到港口和利润限制投产还存在不确定性，而PX 未来利润下降是大概率事件。