China’s refining margins increase on higher oil product prices

15 August 2012 11:13  [Source: ICIS news]

SINGAPORE (ICIS)--Refining margins of major Chinese refiners improved in the past two weeks because of the rise in oil products prices, ICIS data showed on Wednesday.

China raised gasoline and diesel prices by yuan (CNY) 390/tonne ($61.3/tonne) and CNY370/tonne respectively on 10 August.

Based on integrated ex-refinery prices of oil products, the gross margin for refining Oman crude, a representative of foreign crude, averaged CNY228/tonne (or $4.99/bbl) on 15 August, up by CNY196/tonne (or $4.28/bbl) from two weeks earlier.

The prices of Oman crude were stable in the past two weeks, according to data from C1 Energy, an ICIS service in China.

On the other hand, the sales revenue from processing Oman crude increased by about 3%.

The margin for refining Daqing crude improved to CNY78/tonne (or $1.68/bbl) on 15 August, reversing the minus CNY189/tonne (or minus $4.08/bbl) two weeks ago.

Refining margin is the difference between crude prices and sales revenue.

($1 = CNY6.36)

By: Jean Zou
+65 6780 4359

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