中石化挺进美国小镇 布局煤制油业务

The town of Medicine Bow, Wyo., population less than 300, has become the unlikely location for the next phase of China's advance into the U.S. energy market.

美国怀俄明州的梅迪辛博(Medicine Bow)是一个人口不到300人的小镇，但它却不可思议地成为了下一阶段中国进军美国能源市场的选址所在地。

An arm of state-controlled Sinopec Group, also known as China Petrochemical Corp., is planning to build an advanced facility there that will convert coal into gasoline, which will capture and reuse carbon dioxide otherwise emitted into the atmosphere.

中国国有企业中国石油化工集团公司(China Petrochemical Corp., 简称：中石化集团)的一个下属企业计划在梅迪辛博建造一个先进的煤制汽油厂房。这一项目将捕捉并重新利用本会直接排放到大气中的二氧化碳。

Sinopec brings to the potentially expensive and complicated project less pricey Chinese components and materials. It may also open up the doors to attractive Chinese capital.

中石化集团给这个可能非常昂贵且复杂的项目带来了成本较低的中国零部件和材料。中石化集团可能还打开了引入颇具吸引力的中国资本的大门。

'What's important obviously is their ability to source internationally components here,' said Bob Kelly, executive chairman of Houston-based DKRW Advanced Fuels, which contracted Sinopec and will own and operate the plant through a unit. 'They have one of the most competitive procurement arms I think world-wide.'

总部位于休斯顿的能源企业DKRW Advanced Fuels的执行董事长凯利(Bob Kelly)说，很明显，最重要的是他们（中石化集团）有能力从国际上将零部件采购到这里。DKRW Advanced Fuels已经同中石化集团签署了合同，并将通过旗下一个子公司拥有并经营这家工厂。凯利说：我认为中石化集团在全球范围内拥有一个最具竞争力的采购部门。

The company declined to disclose terms of its deal with Sinopec. It has previously said the project would cost about $2 billion.

该公司拒绝透露其与中石化集团的具体交易条款。该公司此前曾表示，这一项目将耗资约20亿美元。

Sinopec, in a written response to questions, said high investment levels in the refining and petrochemicals sector would present strong overseas business opportunities in the coming years as it seeks to build up a unique Chinese engineering brand. 'We expect to offer the U.S. energy market high technology value and high-quality engineering services for both sides to achieve a mutually beneficial win-win,' the company said.

针对记者提出的问题，中石化集团在一份书面答复中说，该公司大举投资炼油和石化领域将在未来几年带来强劲的海外业务机会。该公司正试图打造一个独特的中国工程品牌。中石化集团说：我们希望能够向美国能源市场提供较高的技术价值和高品质的工程服务，以便双方能够实现互利共赢。

Sinopec, already involved in developing energy refining, transport and storage assets from Indonesia to Saudi Arabia, has its eyes set on the U.S. It comes as companies including Dow Chemical Co. DOW +1.04% plan new U.S. petrochemical facilities resulting from the country's natural gas glut. DKRW's Mr. Kelly said he believes his company is at the forefront of a bigger U.S. engineering push by Chinese companies.

中石化集团已经参与开发能源提炼，并涉足从印度尼西亚到沙特阿拉伯的运输和存储资产。眼下它将目光瞄准了美国。现在由于美国天然气产量过剩，包括陶氏化学公司(Dow Chemical Co.)在内的美国企业计划在美国投资新的石化项目。凯利说，他相信自己的公司目前处于由中国企业所推动的势头更大的美国工程浪潮前沿。

Chinese energy firms are already active in North American oil-and-gas exploration. In January, Sinopec agreed to pay $2.5 billion to Devon Energy Corp. DVN +0.05% of Oklahoma City for a stake in drilling property in Michigan, Ohio and elsewhere. Rival Cnooc Ltd. 0883.HK -0.37% reached a $15.1 billion deal in July to purchase Canada's Nexen Inc., NXY.T -1.67% which holds sizable oil-and-gas assets in Canada and the U.S. Gulf of Mexico.

中资能源企业目前在北美的石油和天然气勘探领域已经非常活跃。今年1月，中石化集团同意向总部位于俄克拉何马城的戴文能源公司(Devon Energy Corp.)支付25亿美元，收购其位于密歇根州、俄亥俄州及其它地区钻探资产的权益。中石化集团的竞争对手中国海洋石油有限公司(Cnooc Ltd.)今年7月达成了一笔规模达151亿美元的交易，收购加拿大能源企业Nexen Inc.。Nexen在加拿大和美国墨西哥湾拥有可观的石油和天然气资产。

But their growth prospects in that area for now are limited because Chinese companies lack sophisticated extraction skills, while political concerns limit the opportunity for bigger stakes. Experts say those companies have more to offer the part of the energy industry called downstream─the business of refining, processing and distributing the fuels.

但中资能源企业目前在这一领域的增长前景仍然有限，这是因为中资企业缺乏先进的提炼技术，而政治上的担忧则限制了中资企业收购更多股权的机会。专家说，这些中资企业可以为能源业界所称的“下游业务带来更多东西。所谓“下游业务是指炼油、加工和分销。

'You don't have expertise in unconventional oil, you certainly don't have a cost advantage and you come with political risk,' said Trevor Houser, a partner at New York consulting firm Rhodium Group who previously advised the U.S. government on energy issues. 'On the other hand, Sinopec could potentially have a cost advantage when it comes to downstream.'

约咨询公司Rhodium Group的合伙人豪泽(Trevor Houser)说，中资企业缺乏非传统石油方面的专业技术，显然没有成本优势，而且还有政治风险；而另一方面，中石化可能在下游业务有着潜在的成本优势。豪泽此前曾为美国政府提供能源问题方面的建议。

The work by Sinopec Engineering Group helps satisfy a key requirement of the Chinese government: developing new overseas markets to prop up domestic materials and component producers. A booming Chinese economy and high public-spending levels for decades supported industrial production, but Beijing worries those companies could suffer as economic growth moderates.

中石化炼化工程（集团）股份有限公司(Sinopec Engineering Group，简称：炼化工程集团)的项目可以帮助满足中国政府的一项重要要求：开发新的海外市场以提振国内材料和组件生产商。几十年来，飞速发展的中国经济和高公共支出水平支持了工业生产，但北京担心随着经济增长放缓，这些企业可能遭受冲击。

China has 'so drastically built up domestic production in recent years they will need an outlet for industrial capacity,' said Lin Boqiang, who runs the China Center for Energy Economics Research at Xiamen University. Mr. Lin, who has advised the Chinese government on energy policy, said Sinopec winning engineering work in the U.S. was important to establishing itself as a global brand. He said moves up the U.S. value chain would continue, and believed Chinese oil majors such as Sinopec could establish retail gas stations in the U.S. in the next few years.

厦门大学中国能源经济研究中心主任林伯强说，中国近年来大幅增加国内生产，他们需要给工业产能提供一个出口。林伯强为中国政府提供能源政策方面的建议。他说，中石化在美赢得工程项目，这对中石化将自己打造成全球品牌非常重要。他说，向美国价值链上游转移的努力将继续下去，他认为未来几年中石化等中国石油巨头可能在美国设立零售加油站。

'When you become more competitive you go into places with more competition,' Mr. Lin said.

林伯强说，当你竞争力增强的时候，就会进入竞争更激烈的地方。

In the Wyoming project, some materials potentially including things like steel could be sourced from China as a way to keep costs down. 'To compete in the world-wide market for this type of project you've got to be able to source it at the lowest cost,' said DKRW's Mr. Kelly.

在怀俄明的项目中，包括钢材等在内的一些材料可能从中国采购，以便降低成本。DKRW的凯利说，要想在全球市场竞争这类项目，你必须能够以最低的成本采购原材料。

The company says the Medicine Bow project will also benefit the local economy, creating up to 2,300 construction jobs and 400 full-time jobs when the facility goes into operation. 'Clean coal' facilities can be complicated by high project costs and promising but at times unproven technologies.

该公司说，梅迪辛博项目还将给美国当地经济带来好处，最多可创造2,300个建筑工作岗位，当工厂投入运营后，将创造400个全职工作岗位。“清洁煤工厂可能遇到诸多困难，比如高昂的项目成本，前景虽好但尚未经过实践检验的技术。

Sinopec has previously pursued similar work in the U.S. power industry. In September, Seattle-based Summit Power Group LLC said Sinopec Engineering will manage construction of a critical portion of the Texas Clean Energy Project, a planned power-generating facility near Odessa. The facility will be funded by state-owned Export-Import Bank of China, and is in line to receive $450 million in U.S. federal funding.

中石化此前曾在美国能源行业寻求开展类似的项目。今年9月，西雅图Summit Power Group LLC说，炼化工程集团将管理得克萨斯清洁能源项目一个重要部分的施工工作。这是一个计划在敖德萨(Odessa)附近修建的发电厂。这个发电厂将由国有中国进出口银行(Export-Import Bank of China)提供资金，并将获得4.50亿美元的美国联邦资金。

Proponents of U.S.-China cooperation on energy and power projects argue even though some components will be sourced internationally instead of from U.S. workers, lower upfront costs to construct facilities could transfer into cheaper electricity and other end-products for consumers.

支持中美在能源和发电项目上展开合作的人士说，尽管一些组件将从国际上而不是美国进行采购，但较低的前期建设成本可能转化为对消费者来说更便宜的电力和其他最终产品。

It's not clear whether a Chinese bank will help fund the Wyoming project. Mr. Kelly said DKRW hoped to finalize financing by the end of the year, and for construction work to begin in Medicine Bow in early 2013.

目前尚不清楚中资银行是否将帮助为怀俄明项目提供资金。凯利说，DKRW希望年底前确定融资来源，希望2013年初梅迪辛博项目能够开工。

'It's important for us have banking relationships and investment relationships that have capital coming in to develop resources here and industries here,' Mr. Kelly said. 'And it's important for China as they grow their markets.'

凯利说，建立银行关系和投资关系对我们来说很重要，这能够带来资金在这开发资源和发展工业，而且随着中国不断扩大市场，这对中国也很重要。