Recently, a major oil field was discovered in South Africa! | Earth Knowledge Bureau

Countries like Germany have placed particular emphasis on coal-to-liquids (CTL) technology. (Image: Vladimir Wrangel / shutterstock) ▼ This technology was originally invented by the Germans, but research into it stalled as global petroleum supply continued to grow. Ironically, the country where CTL technology achieved its greatest success turned out to be South Africa. In the 1940s, South Africa enacted the Liquid Fuels and Petroleum Act, formally designating coal liquefaction technology development as a national strategy for resolving energy shortages—and enshrining this policy in law. Soon afterward, South Africa’s implementation of apartheid policies provoked worldwide condemnation, resulting in international oil embargoes against the country, which further accelerated its R&D efforts in coal liquefaction technology. Abundant coal resources form the foundation for coal liquefaction. The higher the liquefaction technology, the greater the degree of coal mining. (Image: Melanie Lamprecht / shutterstock) ▼ In 1955, South Africa established Sasol—a dedicated entity for coal liquefaction research and production—which successfully produced its first barrel of CTL diesel and built its first CTL plant; soon thereafter, its initial petroleum products entered the market. Thus began South Africa’s era of liquid petroleum. (Image: Vanessa Bentley / shutterstock) ▼ So how did Sasol do it? Technically, coal liquefaction falls into two main categories: "direct liquefaction" and "indirect liquefaction." Direct liquefaction involves hydrogenating coal directly to produce petroleum. Sasol opted instead for "indirect liquefaction," which imposes lower raw-material requirements and yields higher-quality output. This method adds an intermediate “gas production” step: coal is mixed with water and air, generating syngas—primarily carbon monoxide and hydrogen. Process of "Indirect Liquefaction" ▼ Next comes the most critical step: converting syngas into gasoline and diesel. The prevailing industrial method today is the Fischer–Tropsch (FT) synthesis—the same technique adopted by Sasol—in which carbon monoxide, under catalytic action, forms reactive carbon compounds that then react with hydrogen and polymerize into various chemical products, including gasoline and diesel. Sasol inaugurated a new era of energy technology in South Africa. Moreover, following the 1970s oil crisis, Sasol constructed its second and third CTL plants—in Sasolburg and Secunda respectively—ensuring South Africa’s energy supply at the time. The South African government also provided strong administrative support for the company, mandating other domestic oil firms to purchase large volumes of Sasol’s products and offering direct subsidies for Sasol’s operations and product pricing. Sasol’s significance to South Africa extends far beyond that of an ordinary energy enterprise. It has arguably become one of the pillars supporting the nation’s stability and development. (Image: Chris Redan / shutterstock) ▼ Today, after six decades of development, Sasol possesses the world’s most advanced CTL technology and remains the globe’s sole commercial producer of coal-to-liquids fuel. Naturally, the company has substantially enhanced South Africa’s domestic oil-product self-sufficiency: of South Africa’s annual 26 million tons of oil products, nearly one-third originates from Sasol.

Plummeting over 50%! Amid this epic crash, China is "buying the dip" on crude oil.

This time, Saudi Arabia has offered special discounts to key customers—including China—and announced an unlimited-purchase policy for one Indian oil company and two Chinese petrochemical enterprises. Hence, the China Association of the National Shipbuilding Industry frankly stated that the global crude oil price collapse is nothing short of a windfall—like gold bricks falling from the sky. Industry insiders estimate that for every $10-per-barrel drop in crude oil prices, Chinese enterprises and households save approximately ¥107 billion annually. A broader strategic objective: China’s petroleum strategic reserves Amid this steep oil-price plunge, 84 giant oil tankers have collectively set sail for the Gulf to stock up on cheap crude. Beyond meeting routine industrial manufacturing needs, a more ambitious goal drives this effort: rapidly replenishing China’s strategic petroleum reserves. Reviewing China’s history of large-scale crude purchases over the past decade reveals a consistent pattern: whenever international oil prices plummet, China accelerates procurement for its strategic reserves—for instance, significantly ramping up reserve injections during the 2015–2016 oil-price trough. According to Zhongda Futures, it is generally believed that China opens its strategic petroleum reserve window when international oil prices fall below $40 per barrel. By international convention, a nation requires roughly 90 days’ worth of petroleum reserves to ensure normal operation—but China’s strategic reserves still fall short of this benchmark. China began building its strategic petroleum reserves relatively late—only after joining the WTO in the early 21st century. Construction of major reserve bases commenced in 2004, and facilities have since been established in Dalian, Huangdao, Zhenhai, and Zhoushan. Phase III of China’s strategic petroleum reserve infrastructure is scheduled for completion in 2020, adding 28–85 million tons of crude storage capacity. Additionally, according to the National Strategic Petroleum Reserve Medium- and Long-Term Plan (2008–2020), China aims to build a total strategic reserve equivalent to 100 days of net petroleum imports by 2020. In September 2019, the National Energy Administration reported that China’s combined commercial and strategic crude inventories stood at approximately 80 days of net imports—still about 20 days (roughly 25.7 million tons) short of the target. It is therefore highly likely that, coinciding with the current international oil-price crash, China will undertake massive crude imports in 2020 to reach its targeted reserve level. Industry insiders estimate that, assuming no constraints from infrastructure bottlenecks—including March’s commercial inventory drawdown and newly completed strategic reserve facilities—China theoretically possesses capacity to import roughly 200 million barrels of crude. Oil crash: winners and losers Faced with oil prices slashed in half, China has already sprung into action—calmly purchasing cheap crude to fill its strategic reserves while dramatically cutting import costs. Moreover, on the evening of March 19, U.S. Treasury Secretary Steven Mnuchin announced plans to buy $10–20 billion worth of crude oil during this low-price period. Yet not everyone is celebrating the oil-price collapse. Foremost among the losers is Saudi Aramco (2222), the world’s largest oil company, whose share price has plunged continuously—erasing over ¥128.74 billion in market value within just nine trading days, equivalent to Kweichow Moutai’s entire market capitalization. U.S.-listed global energy giants have fared even worse: their share prices have collapsed consecutively—so severely that the term “bankruptcy-level crash” is not an exaggeration.

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