06 December 2012 09:23 [Source: ICIS news]
SINGAPORE (ICIS)--China’s 35 major refineries are currently running at an average rate of 87.4%, up from 86.9% two weeks ago, according to a survey of C1 Energy, an ICIS service in China.
The rise was mainly because of the higher utilisation rates at Sinopec Shanghai.
Sinopec brought on stream several secondary processing units at its 280,000 bbl/day Shanghai refinery, which pushed up the facility’s operating rate by 19 percentage points to 97%.
However, the rise was partly offset by reduced operating rates at some refiners in December amid a bearish oil product market.
Most other refiners mainly have kept their operating rates stable over the past two weeks.
The 35 refineries surveyed have a combined capacity of 7.36m bbl/day, which accounts for 73% of the total capacity of major refineries, according to C1 Energy.
Higher refinery operating rates bring down the feedstock costs for China's chemical plants.
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