12 June 2012 10:01 [Source: ICIS news]
SINGAPORE (ICIS)--Sinopec and PetroChina are expected to refine a total of 29.0m-29.5m tonnes of crude in June, with total daily throughput down by 0.2% month on month to around 967,000 tonnes, sources from the two companies said on Tuesday.
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Sinopec lowered its crude throughput target for June to 17.9m-18.0m tonnes, with its daily throughput down by 1.4% from May to approximately 597,000 tonnes partially due to weak demand for gasoline and diesel, sources from the company said.
The increase was a result of higher refinery operating rates set for the month as the company completed maintenance shutdowns at several big refineries in late May.
The combined throughput is expected to rise in July when there are fewer turnarounds, market sources said. However, the rise will be limited as soft demand for oil products will weigh on refinery operating rates, they added.
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