Chinese refining margins for Oman crude narrow on higher costs

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.

By: Jean Zou
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index