返回首页| 繁體中文| 设为首页| 加入收藏
您所在的位置: 首页 >> 热门话题

“民企不愿做石油”不怪垄断?

2013/9/7    作者:

香港新闻日报通讯社:近来,因为频繁曝光的中石油窝案,媒体对中国石油行业的议论又多了起来。其中央视著名评论员杨禹发表在央视网的文章备受关注,该文称“石油业不是谁都干得了的”、“民间资本不愿意进来(石油领域)是出于理性而非行政垄断”。这样的说法符合事实吗?…
香港新闻日报通讯社:近来,因为频繁曝光的中石油窝案,媒体对中国石油行业的议论又多了起来。其中央视著名评论员杨禹发表在央视网的文章备受关注,该文称“石油业不是谁都干得了的”、“民间资本不愿意进来(石油领域)是出于理性而非行政垄断”。这样的说法符合事实吗?…

首先,“民企不愿做石油”就值得商榷

上游勘探开采:曾让民营企业蜂拥而至


石油开采是石油产业链中门槛最高的一环

石油产业有比较长的链条,从上游的勘探开采,到中游的汽柴油等成品油炼制,到下游的批发零售,再到进出口贸易、产品定价等。杨禹认为“很多人期待的‘敞开大门、投资者蜂拥而入’的场面,只是一种美好的误会。”那么不妨从门槛最高的勘探开采出发,看看到底有没有投资者想进去。

1997年,勘探开采的准入限制曾短暂松动。中石油为降低勘探和开采成本,将旗下11个“低品位油田”区块对外招标。此举的依据是1986年通过的《矿产资源法》,该法允许持有石油、天然气许可证的企业划一部分采区承包给其他单位,实行产品分成、合作开发。注册地在香港的中汇石油公司,抓住了机会。根据中汇石油与中石油吉林油田的协议,合同期内,由中汇石油负责投资开采吉林油田的两个对外合作区块。

勘探开发新油田的风险,由民企独自承担,合作区块上的所有设施均归中石油所有。就风险极大的采油而言,这一条件极为苛刻。中石油采取的策略是,打井阶段收入二八分成,油田占两成,民企占八成。待所采原油足以收回成本时,采取四六分成甚至五五分成。

即便如此,巨大的利润依然让民营企业蜂拥而至。据不完全统计,中石油在上世纪90年代拿出来合作开发的区块在30个以上,吉林油田2005年的一份材料显示,当时聚集在吉林油田周围的民营石油公司有41家,原油开采量达到100万吨,占到吉林油田总产量的20%。…

中游成品油炼制:不让炼也要偷偷炼

早年,民营炼油厂炼油是违反规定的。1999年国务院部署了对钢铁、石化、建材等行业实施总量调控、关闭“五小”、淘汰落后、压缩过剩生产能力的工作,其中就包括关闭地方小炼油厂。当时一些地方的炼油厂,由于地方政府保护等因素而侥幸存活下来。民营炼油厂一般都不敢明目张胆地挂“炼油厂”的牌子,大部分是打着“沥青厂”、“焦化厂”的旗号偷偷地炼油。

截至2010年底,全国共有在营地方民营炼厂193家,原油一次加工能力21377万吨/年,占当年全国炼油能力34.6%。由于背靠中原油田和胜利油田,山东省的炼油工业一直很发达。根据山东省炼化行业协会提供的数据,截至2011年底,山东省21家大型民营炼化企业年综合炼油能力为6500万吨,2011年完成产量3150万吨,逾半产能过剩。

下游零售:民企一度成为主渠道

1992年邓小平南方讲话之后,石油行业曾向民营企业开过一道口子。在进入门槛最低的零售环节,民企一度成了主渠道。1998年,全国有3340家民营石油批发企业,民企占了成品油零售市场份额的85%,1999年,民营加油站数量占比接近九成,加油量占到六成。这段光景,被民营油企称为“黄金年代”。

现在民企不干了,不是“不愿”是“不能”


2013中国企业500强,中石化、中石油占据头两名

杨禹的文章,花大篇幅讲了什么叫垄断,告诉大家“不妨多了解和思考垄断是怎么回事”、“石油业是自然垄断不是行政垄断”。不错,垄断确实分为两大类。

第一大类:自发形成的垄断,又分4种:1、天赋的垄断(如澳洲的铁矿石、中东的石油);2,专利的垄断(如可口可乐);3,市场大赢家的垄断(如微软、淘宝);4,成本特性的垄断(如自来水、电网)。

第二大类:强制形成的垄断。就是运用非经济的强制力量,清除竞争对手,保持对市场的排他性独占。如欺行霸市、强买强卖,如政府管制牌照数量,或由立法来阻止竞争而产生的行政性垄断。

表面上看,正如杨禹所言,中国的石油行业,挺符合自然垄断中的成本性垄断,因为其投资成本确实大,回收周期也确实长。但如前所述,光是这一点,似乎并没有阻碍民营资本进入。但是,在中国的石油行业,行政强制力造成的垄断却是无处不在的,让我们看看在各个环节,民营企业是如何受到政策打压的。…

上游勘探开采:民企开发权被剥夺

1997年,勘探开采这一环节的准入限制曾短暂松动。但好光景转瞬即逝,2000年,《矿产资源法》重新修订,删去了油田可以外包开采、合作开发的内容。自此,民企在勘探开采领域无法再获得增量的区块,老本吃完后,就基本无路可走了。

这样理论上,民企要勘探开采石油,只能去国外运作。进入海外市场,风险大成本高,但即便如此也有愿意干的民企。2011年赢利约9.8亿人民币的新疆广汇能源,无疑是中国民营油企中的成功者。长期以来,“绕不开的中石油”是中国民营油企的共同宿命,广汇能源却能够绕开中石油,在哈萨克斯坦拿下两个油气区块,并建设了跨国天然气通道。广汇能源是幸运儿,民营企业在国外开采油气资源,运回国内加工,广汇能源是第一家,迄今也是唯一一家。除了自治区政府的鼎力支持,中央各部委也罕见地一路绿灯。

即使这份特殊幸运降临,广汇能源也躲得过初一,躲不过十五。要想把这两个项目所产原油运回国,唯一的办法是花钱请中石油旗下的中国联合石油公司帮忙进口,再按后者定价卖给中石油炼厂。

中游成品油炼制:油进不来,也出不去

1999年,国务院发布了《关于清理整顿小炼油厂和规范原油成品油流通秩序的意见》(“38号文件”),卡死了民营炼油厂的石油进口权。2002年起,出于入世的承诺,国家开始在一定程度上开放原油的进口。然而,38号文件规定,民企在进油的过程中,必须持有中石油和中石化同意购买的书面文件,海关才批准办理通关。原油供应脱节,导致即便是最好的时候,山东地方炼油企业的开工率也不过70%,这是前述山东民营炼油企业产能闲置最主要的原因。

向央企靠拢,是唯一求生手段。目前,中国化工集团在山东省已整体收购、重组或控股济南石化集团、济南长城炼油厂、正和集团、华星石化、昌邑石化、青岛安邦石化等六家地炼企业。效益下降的地炼向央企靠拢,只是希望借助央企的身份争取更多的原油供应。

另外,根据2003年铁道部发布的《铁运函150号令》,没有书面文件,铁路部门不能安排相对应的运力。出于这些限制,有的民营油企即便拿到炼油配额,也选择把配额转让给两大石油公司,或者直接作废。

下游零售:成品油销售、批发被钳制


民营加油站自1999年之后开始骤减

1992年后的六年时间,被称为民营加油站的“黄金年代”,民营加油站数量占比接近九成。这一切,在1999年戛然而止。到2012年,民营加油站数量仅占全国加油站总数的46%,实际销售量可能不到总数的1/3。且这些所谓的“民营加油站”,里面纯民营的越来越少,大量的是背靠石化双雄、由石化双雄参股、控股。

1998年3月,国务院宣布重组石油工业,变分业经营为混业经营。重组后,中石油、中石化分别获得北方12省、南方19省的零售经营权,对下游产业链的垄断自此形成。1999年5月,38号文下发,成为两大集团垄断下游的政策依据。该文件规定,国内各炼油厂生产的成品油,要全部交由两大石油集团的批发企业经营,其他企业、单位不得批发经营。自此,民企退出了成品油批发领域。两大石油集团掌握了批发权,后果是一旦“油荒”,民营加油站就拿不到油。

2001年9月, 《关于进一步整顿和规范成品油市场秩序的意见》下发,赋予两大集团以零售专营权,各地区新建的加油站,统一由中石油、中石化全资或控股建设,进一步强化了两大集团的零售垄断权。自此,成品油零售市场呈现出新建加油站全面国有化、旧有民营加油站举步维艰频频打包出售的局面。…

民企在上、中、下游被全面干涉,行政垄断当然难脱关系

石油行业的上游领域由于风险大成本高,的确容易形成自然垄断。全世界在上游领域活跃的企业,也的确就是像埃克森美孚这样数得过来的几家巨无霸。但是这个自然垄断的地位是由竞争形成的,还是由行政力量达成的,也是有区别的。

由竞争形成自然垄断地位的埃克森美孚是世界上最大的民营石油天然气企业,2010年该公司总资产回报率为19.86%,同期,中石油的总资产回报率是12.59% ;销售、一般性和管理费用,中石油占总收入比的10%左右,而埃克森美孚只占4%;2010年中石油的税收占总收入比15.2%,而后者多达23.3%。这个对比可以看到,在竞争性市场经营的埃克森美孚,在税负压力大于中石油的情况下,资产回报率还要高于中石油,而且管理费用低于中石油两倍还多。

在石油行业的中下游领域,中小企业遍地开花是常态。如果出现国企一家独大,总不能归咎于“风险大成本高、理性的民间资本并不愿意进来”吧?

结语

垄断并非都是万恶的,有时候它还是实力的体现。但中国的石油产业环境,受到强制垄断的影响更大,忽略这一点谈其自身的成本性垄断,是避重就轻。

·热门评论
匿名网友 发表于:2020/3/16 16:29:54
IP:220.158.163.* 
我来评两句!newjob: inewjob 2020 is the best place to get fast updates of the most recent Sarkari 2020. For forthcoming enrollment warnings that are accessible on inewjob, Sarkari Naukri, Freshersworld, Sarkari exam, Rojgar Result are for the most part accessible in http://www.inewjob.com/ Job ready page and get notified of all Central Sarkari Exam 2020 State Vacancies including Railway Jobs, UPSC, SSC, PSC, banking, and so forth. sarkariexam 2020 sarkari result
[举报]  [引用
匿名网友 发表于:2019/10/25 14:11:09
IP:103.254.204.* 
我来评两句!

Avast Login - Avast is a family of very much organized and vanguard cybersecurity items and advances. It is an efficient and comprehensive security program compatible with Mac, Windows, Android and iOS.

Office.com/setup to start with your Microsoft Office Installation you should require authentic thing key code and visit and we can in like manner help you with your entire structure to set up office thing on the web.

Webroot.com/safe increase your browser security settings, avoids questionable websites and only downloads software from sites you trust. Webroot updates your operating system regularly and similarly evaluates file- sharing applications carefully before downloading them.

AOL Mail is a great email service provider with a simple and easy account interface. It also provide continual access with its App to your inbox on cellphones and tablets. You can create multiple usernames under one account.

MyDrive Connect is a useful update utility which is for the newer generation of TomTom navigation device. It provides all the control you will ever need for TomTom GPS devices. It is easy to use and you can update your GPS device with a single click. It is available for Windows and Mac computer.

Magellan GPS Update - Now Update Magellan Navigation Device or Software on Device. Get Magellan Content Manager and Register Magellan GPS Device.

Bitdefender Central ist ein renommierter Name im Bereich der Cyber sicherheits lösungs technologien. Tatsächlich wird sie weltweit für ihr umfangreiches Angebot an innovativen, robusten, ausgereiften und ganzheitlichen Software lösungen gelobt.

McAfee Support - With the growing demand for technology, the hackers and spammers are creating new ways to steal your important data. They can attack your device, steal access to your device and later ask for money in exchange for information.

Webroot Support is an Antivirus which not only offers the security to your systems even secure your cloud data and password as well. Webroot is a private American which has designed Webroot SecureAnywhere Antivirus, Webroot SecureAnywhere Internet Security and many others

Avast Support - Avast is a world-renowned name in the field of internet security and antivirus. Avast services are available for almost all the computing device in the market and secure them against the critical virus, spyware, malware, Trojan files and ransomware

Webroot removal tool is a simple program that will uninstall webroot from your device. It also helps to remove all traces of Webroot security software from your device. Hence, follow the given steps to uninstall the Webroot using the Webroot removal tool.

Office.com/myaccount is used to create spreadsheets, make labels and produce presentations for your home or office. Microsoft Office is available to buy directly from Microsoft online or from stores and third-party retailers. Firstly, you have to create your office account.

Avast Secure Browser is a web browser developed to provide you with better internet experience. It is one that doesn’t follow its users every time they surf the internet. Avast is a family of various internet security applications. It has different applications for all the operating systems.

AOL Mail Settings - AOL Mail is a mail service that provides its users with personalised mail experience, that they desire to have. You can customise your AOL Mail Settings as per your needs.

[举报]  [引用
匿名网友 发表于:2019/10/25 14:10:49
IP:103.254.204.* 
MillionCenters lets you search, explore and connect with best hobby classes in Delhi. Join us to find the top hobby classes near you easily and quickly.
[举报]  [引用
匿名网友 发表于:2018/11/17 16:48:54
IP:182.69.149.* 
我来评两句Get amazing offers like chance to win IPhone XS MAX and many more. Do online shopping at SHOPAMAZON
[举报]  [引用
匿名网友 发表于:2018/11/17 16:48:37
IP:182.69.149.* 
我来评两句!Get amazing offers like chance to win IPhone XS MAX and many more. Do online shopping at SHOPBULLZ
[举报]  [引用
匿名网友 发表于:2018/11/17 16:48:18
IP:182.69.149.* 
我来评两句! Get amazing offers like chance to win IPhone XS MAX and many more. Do online shopping at www.shopamazon.in
[举报]  [引用
匿名网友 发表于:2018/10/13 15:45:35
IP:183.111.157.* 
zzyytt

yeezy boost

goyard bag

nike air force

nike sneakers for women

michael kors outlet

golden goose outlet

adidas tubular

nike epic react

ferragamo belt

jordan 4

goyard bags

yeezy shoes

hermes online shop

longchamp

supreme clothing

jordan shoes

converse shoes

fila disruptor

cheap nba jerseys

adidas yeezy

yeezy 500

moncler outlet

balenciaga

kobe 9

coach outlet

coach outlet

coach handbags

michael kors outlet

vans shoes

nike shoes

lacoste online shop

kobe sneakers

lebron 16

stephen curry 5

gucci belt

goyard handbags

adidas nmd

asics shoes

asics shoes

adidas nmd r1

curry 4

nike flyknit

golden goose

coach outlet sale

stephen curry 5

yeezy boost 350

kobe shoes

nfl store

nike roshe

jordan shoes

links of london sale

pure boost

yeezy

chrome hearts online

lacoste polo

adidas shoes

louboutin shoes

kyrie 3

balenciaga

off white shoes

adidas yeezy

golden goose sneakers

hogan outlet online

yeezy boost

kd 11

golden goose outlet

fitflops

nike polo shirts

nike air max 90

nike sneakers for men

hermes handbags bag

nfl jerseys

offwhite

longchamp bags

adidas superstar

tory burch

nike air max

off white x jordan 1

chrome hearts

nike sneakers

nike flyknit racer

reebok outlet

michael kors handbags

adidas gazelle

longchamp bags

air jordan

michael kors handbags

red bottom shoes

coach outlet

zx flux

air force 1

nike air max 2019

adidas yeezy

nike polo

birkin bag

yeezys

kobe shoes

hermes bags

pandora jewelry

http://www.kobeshoes.uk

timberland boots

lebron 11

tory burch shoes

longchamp handbags

off white shoes

chrome hearts

michael kors handbags

basketball shoes

fitflops sale clearance

adidas outlet

rolex replica

curry 5

yeezy

adidas nmd runner

golden goose

cheap jordans

yeezy boost 350 v2

michael kors outlet online

jordan retro 6

vans shoes

kd shoes

nike air max

golden goose

nike air force 1

michael kors uk

westbrook shoes

adidas shoes online

hermes belts for men

jordan 11 retro

nike shox

nba jerseys

adidas outlet online

hogan outlet

lacoste polo

kd 11 shoes

gucci belts

cheap nba jerseys

goyard

jordan sneakers

michael kors outlet online

off white jordan 1

off white

michael kors outlet

lebron james shoes

nike air huarache

off white hoodie

cheap jordans

adidas shoes

louboutin shoes uk

adidas pure boost

caterpillar boots

lebron 16 shoes

adidas nmd

fake rolex

nmd

ysl handbags

kd shoes

birkin bag

yeezy boost 350

michael kors factory outlet

golden goose outlet

golden goose sneakers

yeezy shoes

air max 2019

fila shoes

nike air max 2018

nike roshe run

mbt shoes outlet

yeezys

air jordan 4

mbt shoes online

longchamp handbags

michael kors outlet

adidas ultra

harden shoes

hermes handbags

ralph lauren uk

moncler jacket

replica rolex

kobe 11

yeezy boost

fila shoes

yeezy boost 500

yeezy shoes

adidas ultra boost

adidas stan smith shoes

kobe basketball shoes

nike react

goyard bag

bape hoodie

lebron 16 shoes

lacoste outlet

michael kors outlet

jordan shoes

links of london

yeezy boost

bape hoodie

lacoste polo

lebron 10

converse outlet store

adidas tubular

air yeezy

air jordan 13

lacoste outlet

kobe byrant shoes

coach outlet online

ferragamo belt

hermes outlet online

pandora bracelet

tory burch outlet

100% real jordans for cheap

john wall shoes

nike kd 11

michael kors outlet store

cheap mlb jerseys

adidas stan smith

fake rolex

golden goose

yeezy boost

nike cortez

adidas store

chrome hearts online

goyard handbags

adidas shoes outlet

yeezy boost

ralph lauren uk

ferragamo belts

goyard wallet

jordans

michael kors

ultra boost

kevin durant shoes

michael kors outlet online

adidas stan smith sneakers

lebron 15 shoes

yeezy boost 350 v2

adidas eqt support

nike cortez men

adidas stan smith

nike huarache

nike air max

lacoste

yeezy boost 350

michael kors handbags outlet

kd 11

goyard

kobe 11

curry 4

adidas zx flux

nike air max 270

yeezy boost 350

yeezy boost 350 v2

off white clothing

hermes belt

yeezy boost 350

moncler jackets

yeezy boost 350

michael jordan shoes

russell westbrook shoes

adidas ultra boost uncaged

jordan 11

nike huarache

chrome hearts

lebron 16

goyard handbags

fake rolex watches

adidas yeezy boost

jordan shoes

jordans

nike flyknit racer

jordan 13

michael kors handbags

nike flyknit

timberland outlet

adidas crazy explosive

jordan 12

michael kors purses

michael kors handbags

calvin klein outlet

cheap jordans

hermes handbags

nike shox for men

yeezy boost

yeezy boost 350 v2

yeezy 700

yeezy shoes

lebron 15

asics gel kayano

adidas superstars

yeezy boost 350

ferragamo belts

balenciaga shoes

nike basketball shoes

hermes birkin

off white

nhl jerseys

nmd

goyard st louis tot

links of london

yeezy boost 350 v2

longchamp outlet

adidas tubular

adidas nmd

air max 270

vapormax

cheap nfl jerseys

calvin klein outlet online

nike air max 2017

yeezy shoes

tory burch sandals

fila

air jordans

adidas yeezy

off white clothing

paul george shoes

supreme hoodie

hermes handbags for sale

jordan retro 12

asics kayno

nike lebron 16

air jordan

off white

christian louboutin

longchamp bags

longchamp outlet

air max

jordan 6

hermes belt

coach outlet

nike air max

coach factory outlet

iniki

adidas iniki

ysl

adidas tubular shadow

kd 10

kyrie irving shoes

michael kors

kyrie 4 shoes

off white hoodie

cat boots

golden goose outlet

kd shoes

kate spade handbags

nike epic react

retro jordans

birkin bag

crazy explosive

yeezy shoes

curry 4 shoes

vans outlet

yeezy boost 350

polo ralph lauren

converse outlet

michael kors outlet

nike max

Kanye West shoes

balenciaga triple s

michael kors outlet online

longchamp

golden goose sneakers

yeezy 500

balenciaga sneakers

coach outlet sale

michael kors handbags

fila

mbt shoes

kyrie shoes

curry 5

hermes belt

yeezy boost 700

goyard bags

reebok shoes

asics running shoes

golden goose outlet

lebron shoes

lebron shoes

michael kors outlet

moncler jackets

red bottoms

coach outlet online

kyrie 4

vapor max

off white nike

balenciaga

james harden shoes

air max 2018

chrome hearts online

jordan retro

converse outlet

jordans

cheap jordans

nike foamposite

kobe shoes

jordan shoes

balenciaga shoes

yeezy boost 350 v2

birkin bag

coach factory outlet

red bottom heels

balenciaga shoes

longchamp handbags

golden goose

nike hyperdunk

yeezy shoes

golden goose sneakers

baseball jerseys

golden goose

yeezy boost 350

michael kors outlet

adidas eqt

kobe 9

off white clothing

links of london outlet store

retro jordans

lebron 16

nike jordans

air max 90

nike react

lacoste polo shirts

mlb jerseys

longchamp

adidas ultra boost

[举报]  [引用
匿名网友 发表于:2018/10/13 15:27:07
IP:183.111.157.* 
zzyytt

yeezy boost

goyard bag

nike air force

nike sneakers for women

michael kors outlet

golden goose outlet

adidas tubular

nike epic react

ferragamo belt

jordan 4

goyard bags

yeezy shoes

hermes online shop

longchamp

supreme clothing

jordan shoes

converse shoes

fila disruptor

cheap nba jerseys

adidas yeezy

yeezy 500

moncler outlet

balenciaga

kobe 9

coach outlet

coach outlet

coach handbags

michael kors outlet

vans shoes

nike shoes

lacoste online shop

kobe sneakers

lebron 16

stephen curry 5

gucci belt

goyard handbags

adidas nmd

asics shoes

asics shoes

adidas nmd r1

curry 4

nike flyknit

golden goose

coach outlet sale

stephen curry 5

yeezy boost 350

kobe shoes

nfl store

nike roshe

jordan shoes

links of london sale

pure boost

yeezy

chrome hearts online

lacoste polo

adidas shoes

louboutin shoes

kyrie 3

balenciaga

off white shoes

adidas yeezy

golden goose sneakers

hogan outlet online

yeezy boost

kd 11

golden goose outlet

fitflops

nike polo shirts

nike air max 90

nike sneakers for men

hermes handbags bag

nfl jerseys

offwhite

longchamp bags

adidas superstar

tory burch

nike air max

off white x jordan 1

chrome hearts

nike sneakers

nike flyknit racer

reebok outlet

michael kors handbags

adidas gazelle

longchamp bags

air jordan

michael kors handbags

red bottom shoes

coach outlet

zx flux

air force 1

nike air max 2019

adidas yeezy

nike polo

birkin bag

yeezys

kobe shoes

hermes bags

pandora jewelry

http://www.kobeshoes.uk

timberland boots

lebron 11

tory burch shoes

longchamp handbags

off white shoes

chrome hearts

michael kors handbags

basketball shoes

fitflops sale clearance

adidas outlet

rolex replica

curry 5

yeezy

adidas nmd runner

golden goose

cheap jordans

yeezy boost 350 v2

michael kors outlet online

jordan retro 6

vans shoes

kd shoes

nike air max

golden goose

nike air force 1

michael kors uk

westbrook shoes

adidas shoes online

hermes belts for men

jordan 11 retro

nike shox

nba jerseys

adidas outlet online

hogan outlet

lacoste polo

kd 11 shoes

gucci belts

cheap nba jerseys

goyard

jordan sneakers

michael kors outlet online

off white jordan 1

off white

michael kors outlet

lebron james shoes

nike air huarache

off white hoodie

cheap jordans

adidas shoes

louboutin shoes uk

adidas pure boost

caterpillar boots

lebron 16 shoes

adidas nmd

fake rolex

nmd

ysl handbags

kd shoes

birkin bag

yeezy boost 350

michael kors factory outlet

golden goose outlet

golden goose sneakers

yeezy shoes

air max 2019

fila shoes

nike air max 2018

nike roshe run

mbt shoes outlet

yeezys

air jordan 4

mbt shoes online

longchamp handbags

michael kors outlet

adidas ultra

harden shoes

hermes handbags

ralph lauren uk

moncler jacket

replica rolex

kobe 11

yeezy boost

fila shoes

yeezy boost 500

yeezy shoes

adidas ultra boost

adidas stan smith shoes

kobe basketball shoes

nike react

goyard bag

bape hoodie

lebron 16 shoes

lacoste outlet

michael kors outlet

jordan shoes

links of london

yeezy boost

bape hoodie

lacoste polo

lebron 10

converse outlet store

adidas tubular

air yeezy

air jordan 13

lacoste outlet

kobe byrant shoes

coach outlet online

ferragamo belt

hermes outlet online

pandora bracelet

tory burch outlet

100% real jordans for cheap

john wall shoes

nike kd 11

michael kors outlet store

cheap mlb jerseys

adidas stan smith

fake rolex

golden goose

yeezy boost

nike cortez

adidas store

chrome hearts online

goyard handbags

adidas shoes outlet

yeezy boost

ralph lauren uk

ferragamo belts

goyard wallet

jordans

michael kors

ultra boost

kevin durant shoes

michael kors outlet online

adidas stan smith sneakers

lebron 15 shoes

yeezy boost 350 v2

adidas eqt support

nike cortez men

adidas stan smith

nike huarache

nike air max

lacoste

yeezy boost 350

michael kors handbags outlet

kd 11

goyard

kobe 11

curry 4

adidas zx flux

nike air max 270

yeezy boost 350

yeezy boost 350 v2

off white clothing

hermes belt

yeezy boost 350

moncler jackets

yeezy boost 350

michael jordan shoes

russell westbrook shoes

adidas ultra boost uncaged

jordan 11

nike huarache

chrome hearts

lebron 16

goyard handbags

fake rolex watches

adidas yeezy boost

jordan shoes

jordans

nike flyknit racer

jordan 13

michael kors handbags

nike flyknit

timberland outlet

adidas crazy explosive

jordan 12

michael kors purses

michael kors handbags

calvin klein outlet

cheap jordans

hermes handbags

nike shox for men

yeezy boost

yeezy boost 350 v2

yeezy 700

yeezy shoes

lebron 15

asics gel kayano

adidas superstars

yeezy boost 350

ferragamo belts

balenciaga shoes

nike basketball shoes

hermes birkin

off white

nhl jerseys

nmd

goyard st louis tot

links of london

yeezy boost 350 v2

longchamp outlet

adidas tubular

adidas nmd

air max 270

vapormax

cheap nfl jerseys

calvin klein outlet online

nike air max 2017

yeezy shoes

tory burch sandals

fila

air jordans

adidas yeezy

off white clothing

paul george shoes

supreme hoodie

hermes handbags for sale

jordan retro 12

asics kayno

nike lebron 16

air jordan

off white

christian louboutin

longchamp bags

longchamp outlet

air max

jordan 6

hermes belt

coach outlet

nike air max

coach factory outlet

iniki

adidas iniki

ysl

adidas tubular shadow

kd 10

kyrie irving shoes

michael kors

kyrie 4 shoes

off white hoodie

cat boots

golden goose outlet

kd shoes

kate spade handbags

nike epic react

retro jordans

birkin bag

crazy explosive

yeezy shoes

curry 4 shoes

vans outlet

yeezy boost 350

polo ralph lauren

converse outlet

michael kors outlet

nike max

Kanye West shoes

balenciaga triple s

michael kors outlet online

longchamp

golden goose sneakers

yeezy 500

balenciaga sneakers

coach outlet sale

michael kors handbags

fila

mbt shoes

kyrie shoes

curry 5

hermes belt

yeezy boost 700

goyard bags

reebok shoes

asics running shoes

golden goose outlet

lebron shoes

lebron shoes

michael kors outlet

moncler jackets

red bottoms

coach outlet online

kyrie 4

vapor max

off white nike

balenciaga

james harden shoes

air max 2018

chrome hearts online

jordan retro

converse outlet

jordans

cheap jordans

nike foamposite

kobe shoes

jordan shoes

balenciaga shoes

yeezy boost 350 v2

birkin bag

coach factory outlet

red bottom heels

balenciaga shoes

longchamp handbags

golden goose

nike hyperdunk

yeezy shoes

golden goose sneakers

baseball jerseys

golden goose

yeezy boost 350

michael kors outlet

adidas eqt

kobe 9

off white clothing

links of london outlet store

retro jordans

lebron 16

nike jordans

air max 90

nike react

lacoste polo shirts

mlb jerseys

longchamp

adidas ultra boost

[举报]  [引用
匿名网友 发表于:2018/10/10 20:17:59
IP:103.106.233.* 
Microsoft Office setup has a wide range of products with different features.These versions include office setup 2016, office setup 365, office setup Home & Student and much more. For All these products you will need a Microsoft office account to access the full features of office setup. If you use services like Outlook, OneDrive, & Skype then you should definitely have a Microsoft account. Recommended links for installing Microsoft office setup are www.office.com/setup , office.com/setup , setup.office.com . Join us today & find the possible, your business needs office 365 & office 2016 office.com/setup
[举报]  [引用
验证码:
Failure
Failure