21 June 2012 11:18 [Source: ICIS news]
SINGAPORE (ICIS)--The operating rates of major Chinese refineries averaged 81.5% on 21 June, down by 0.62 percentage points from two weeks ago, according to data from C1 Energy, an ICIS service in ?xml:namespace>
Most refineries cut their operating rates because of weak demand for gasoline and diesel, according to the data.
The run rates in northeast
However, run rates in other regions were lower as many refiners under Sinopec reduced their run rates because of a bearish outlook on the near-term oil product market.
The operating rates are expected to decline further in early July as Sinopec may continue to lower operating rates in the face of sustained weak sentiment in the oil product market, market sources said.
The refinery operating rate is an average of 35 major refineries that have a combined capacity of 363m tonnes/year, accounting for 72% of the total capacity of major refineries.
Lower refinery operating rates tend to increase feedstock costs for
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