17 January 2013 07:57 [Source: ICIS news]
SINGAPORE (ICIS)--The operating rates of major Chinese refineries averaged at 86.8% in the middle of January, down by 0.81 percentage points from two weeks ago, according to data from C1 Energy, an ICIS service in China.
The drop in average operating rates was largely because Sinopec Maoming Petrochemical lowered its refinery’s operating rate to 77% after a leak was found at its Zhanjiang-Maoming crude oil pipeline on 13 January.
Other major refiners maintained stable utilisation rates in the two-week period.
The average refinery operating rate was compiled from 35 major Chinese refineries that have a combined capacity of 7.37m bbl/day. The combined capacity accounts for 70% of the total capacity of major refineries, according to C1 Energy.
Lower refinery operating rates tend to push up feedstock costs for China's chemical plants, which in turn may choose to reduce their own production.
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