31 January 2013 08:02 [Source: ICIS news]
SINGAPORE (ICIS)--The operating rates of major Chinese refineries averaged at 87.2% at the end of January, up by 0.48 percentage points from two weeks ago, according to data from C1 Energy, an ICIS service in China.
The average operating rate rose largely because Sinopec Maoming resumed a normal utilisation rate of 88% capacity at its refinery after its damaged Zhanjiang-Maoming crude oil pipeline was fixed.
Other major refiners maintained stable operating rates during the two-week period.
The average refinery operating rate was compiled from 35 major Chinese refineries, which 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.
Higher refinery operating rates tend to lower feedstock costs for China's chemical plants, which in turn may choose to increase their production capacity.
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