© 2014 Chevron Lummus Global. All Rights Reserved. Company Confidential.
2
Definition of Viscosity Index 粘度指数的定义
© 2014 Chevron Lummus Global. All Rights Reserved. Company Confidential.
从历史上看，基础油相对利润率非常好 - 尽管原油价格波动 Base Oil Margins are ~ 20-30 $/bbl, relative to distillate 基础油的利润率〜20-30美元/桶，高于馏分油 Was as high as 98 $/bbl 高达98美元/bbl Base oil production attractive to refiners to reliably increase profits (16 MBPD plant, 1% yield == 1 MM $/year at 20 $/bbl margin) 基础油产品因其稳定的收益增长对炼厂主有吸引力 (装置产能16 MBPD, 1%收率== 1 MM 美元/年达20美元/bbl 利润率)
Additive Treat Rate wt %
18 16 14 12 10
much as 3% lower for mainline HDMO API CI-4, ACEA E7 when blended with Group II 在调和主线重载车机油 API CI- 4，ACEA E7 时若用第二类基础油添 加剂添加量可少3％。
GS Caltex (JV), S Korea – 1.3 Million MTA Group II/III, 50% owned joint venture GS 加德士，韩国—130万吨/年，II/III类油，合资
Chevron has world-scale base oil plant at Pascagoula,
© 2014 Chevron Lummus Global. All Rights Reserved. Company Confidential.
9
Source: Lubes N Greases 2010 Wall Map
CLG Leads in Lube Hydroprocessing 雪佛龙公司基础油技术优势
4
Advantages of Hydroprocessed Base Stocks 加氢基础油的优势
Lower aromatics, nitrogen, and sulfur base oils
Less reactive 低芳烃，低氮，低硫的基础油 反应性小
Less reactive, can sustain lubricating properties longer due
ISODEWAXING and ISOFINISHING
Premium Base Oil Production
异构脱蜡及后精制工艺
生产优质的基础油产品
Dr. Chien-Cheng John Shih 施建成 博士 Lube Technology Manager 润滑油技术经理 Chevron Lummus Global 雪佛龙鲁姆斯全球有公司
A Chevron and Lummus Technology Joint Venture
© 2014 Chevron Lummus Global. All Rights Reserved. Company Confidential.
Formulation of Lubricating Oils 润滑油的调配
to: 反应性小，因而可以维持更长的润滑性能, 因为
Better oxidation stability 更好的氧化安定性 Better thermal stability 较好的热稳定性 Less reaction between the base oil and additives 基础油和添加剂之间的反应少
Location
Venezuela Salamanca, Mexico Jurong, Singapore Taizhou, China Novi Sad, Serbia Shymkent, Kazakhstan Saudi Arabia Yanos, Russia Russia Rio de Janeiro, Brazil Nizhnekamsk, Russia Pascagoula, MS Gonfreville, France Huizhou, China Kaoshiung, Taiwan Dumai, Indonesia Bahrain Yosu, Korea Mumbai, India Bina, India Ulsan, Korea Poland Shanghai, China Volgograd, Russia Port Arthur, Texas Daqing, China Port Arthur, Texas Porvoo, Finland Ulsan, Korea Lake Charles, Louisiana Mississauga, Canada Richmond, California
© 2014 Chevron Lummus Global. All Rights Reserved. Company Confidential.
10
CLG Has Extensive Experience CLG ISODEWAXING Unit CLG拥有丰富的异构脱蜡装置的操作经验
Company
Base Oil 基础油 Additives 添加剂
Base Oil Manufacturing Technology Offered Through Chevron Lummus Global, LLC 通过雪佛龙鲁姆斯全球有限公司 转让基础油工艺技术
Lube Additives by Chevron Oronite Company LLC 由雪佛龙奥伦耐全球有限公司 提供添加剂
All Polyalphaolefins (PAOs) All Stocks Not Included in Groups I-IV
Group II+： VI ≥ 115 (US), VI ≥ 110 (China) II类+：VI ≥ 115 (美国)，VI ≥ 110 (中国)
© 2014 Chevron Lummus Global. All Rights Reserved. Compa014 Chevron Lummus Global. All Rights Reserved. Company Confidential.
5
Premium Base Oils Can Lower the Additive Treat Rate 高质基础油可降低添加剂添加量
Additive treat rate as
Hydrodewaxing Units Awarded Since 1994 Competitively Bid and Not Cancelled Other
CLG 70%
Chevron invented ISODEWAXING technology and commercialized in 1994
7
Base Oils = Higher Margins 基础油=更高的利润
250 200
Singapore 150N
价 格 ： 美 元 桶
Price, $/bbl
150
Singapore Diesel
Brent Crude
100
Historically, Base oils retain relative margins very well – despite crude price swings
3
API Base Oil Categories 润滑基础油的分类
分类 硫含量 饱和烃 黏度指数
Group I II III IV V
Sulfur, ppm 300 300 300 and/or and and
Saturates, % 90 90 90
V.I. 80-120 80-120 120
20
15
Global Base Oil Capacity Premium Base Oil – 2014 全球基础油产能 优质基础油—2014
10
Mississippi 雪佛龙在帕斯卡古拉和密西西比建有世界顶级的基础油装置
1.3 Million MTA, 100% owned, 2014 start-up 130万吨/年，全资，2014年开车
© 2014 Chevron Lummus Global. All Rights Reserved. Company Confidential.
8
/
50
0
Chevron is the largest base oil Producer in the World in 2014 雪佛龙公司在2014年成为全球最大的基础油生产者
5
0
Since Pascagoula is operating, Chevron is the largest premiumEquity ownership is included for joint ventures base oil capacity in the world 自帕斯卡古拉装置开车，雪佛龙公司一跃成为全球最大的基础油 生产者
6
Quote from Jan 2011 Lube & Grease 摘自2011年1月《润滑油和润滑》杂志
No Plan for Group I Plant = No Future 没有对一类油厂改造的计划 = 没有未来