20 December 2012 08:15 [Source: ICIS news]
SINGAPORE (ICIS)--The operating rates of major Chinese refineries averaged at 87.8% on Thursday, a slight rise of 0.33 percentage points from two weeks ago, according to data from C1 Energy, an ICIS service in China.
Sinopec and PetroChina mainly kept relatively high run rates of 87-88% at subsidiary refineries as there was basically no turnaround in the period.
The average refinery operating rate of 87.8% 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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