22 November 2012 10:11 [Source: ICIS news]
SINGAPORE (ICIS)--The operating rates of major Chinese refineries averaged at 86.9% on Thursday, a rise of 0.7 percentage points from two weeks ago, according to data from C1 Energy, an ICIS service in China.
The increase is mainly because of higher operating rates at the two biggest refiners’ facilities.
The biggest refiner Sinopec ramped up the operating rates of its Qilu refinery, which has a total capacity of 280,000 bbl/day, by 2 percentage points to 71% on 22 November, while the second-biggest refiner PetroChina raised the rate of its 260,000 bbl/day Lanzhou refinery by 19 percentage points to 82% after completing maintenance of a 3m tonne/year fluid catalytic cracker (FCC) at the refinery one week ago.
Most other refineries kept their operating rates stable over the past two weeks.
The average refinery operating rate was compiled from 35 major Chinese refineries that have a combined capacity of 7.36m bbl/day. The combined capacity accounts for 73% of the total capacity of major refineries, according to C1 Energy.
Higher refinery operating rates tend to decrease feedstock costs for China's chemical plants, which in turn may choose to increase their own production.
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