China's refining margins fall on lower oil products prices

20 June 2012 17:17  [Source: ICIS news]

SINGAPORE (ICIS)--Refining margins of major Chinese refiners largely declined in the past two weeks, mainly because of lower prices of gasoil, gasoline and other products, according to ICIS data on Thursday. 

Based on integrated ex-refinery prices of oil products, the margin for refining Daqing crude averaged minus yuan (CNY) 442/tonne (or minus $9.64/bbl) on 20 June, versus minus CNY61/tonne (or minus $1.34/bbl) two weeks ago.

The gross margin for refining Oman crude, a representative of foreign crude, averaged minus CNY35/tonne (or minus $0.78/bbl), versus CNY233/tonne (or $5.11/bbl) two weeks earlier, data from C1 Energy, an ICIS service in China, showed.

The ex-refinery prices of gasoline and gasoil were cut by CNY530/tonne and CNY510/tonne respectively on 9 June.

Refiners' sales revenues of refined products for major refiners in northeast China and south China fell by 6.2% and 4.3%, respectively, in the two week period ending 20 June, while their crude settlements were no change.

Refining margin is the difference between sales revenues and crude cost of a refiner.

($1 = CNY6.36)

By: Jean Zou
+65 6780 4359

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