China’s major refineries’ losses widen on higher crude prices

21 February 2013 07:01  [Source: ICIS news]

SINGAPORE (ICIS)--Refining losses of major Chinese refiners deepened in the past three weeks because of increased crude costs, according to data from C1 Energy, an ICIS service in China on Thursday.

Based on the integrated ex-refinery prices of oil products, the losses for refining Daqing crude averaged minus yuan (CNY) 147/tonne (or minus $3.23/bbl) on 20 February, versus minus CNY107/tonne (or minus $2.35/bbl) three weeks ago.

The gross margins for refining Oman crude, a representative of foreign crude, averaged CNY167/tonne (or $3.71/bbl), a drop of CNY23/tonne (or $0.52/bbl) from three weeks ago.

The costs of Daqing crude and Oman crude rose by CNY47/tonne and $0.79/bbl respectively in the period, the data showed.

Meanwhile, the wholesale prices of refined products from Daqing crude and Oman crude remained mostly unchanged.

Refining margin is the difference between crude prices and sales revenue.

($1 = CNY6.25)

By: Amy Sun
+65 6780 4359

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