02 August 2012 11:32 [Source: ICIS news]
SINGAPORE (ICIS)--The refining margins of major Chinese refiners for Oman crude have narrowed because the import prices of the feedstock rose, ICIS data showed on Thursday.
Based on the integrated ex-refinery prices of oil products, the gross margin for refining Oman crude – a representative of foreign crude – had averaged yuan (CNY) 32/tonne ($0.53/bbl) on 1 August versus CNY186/tonne two weeks earlier, the data showed.
The price of Oman crude increased by $3.85/bbl, or 3.9%, in the same period, according to data from C1 Energy, an ICIS service in China.
In comparison, Chinese refiners said their sales revenue from processing the Oman crude only increased by 1%.
Separately, the margins for refining Daqing crude rose from minus CNY213/tonne to minus CNY189/tonne in the past two weeks, C1 Energy data showed.
Refining margins are the difference between crude prices and sales revenue.
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