21 February 2013 07:59 [Source: ICIS news]
SINGAPORE (ICIS)--The operating rates of major Chinese refineries averaged 88.2% on Thursday, a rise of 0.98 percentage points from three weeks ago, according to data from C1 Energy, an ICIS service in China.
The rise was mainly because of higher operating rates at Sinopec’s Maoming and Shanghai refineries.
Sinopec Maoming Petrochemical raised the operating rate of its 360,000 bbl/day refinery further by 9 percentage points to 98% on 21 February after an earlier pipeline spill was contained.
Sinopec Shanghai Petrochemical posted a 12 percentage-point rise in the operating rate of its 280,000 bbl/day refinery after some new units were started up in late December 2012.
Other major refiners mostly posted stable operating rates in the period.
The average 88.2% 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.
Higher refinery operating rates tend to pull down feedstock costs for China's chemical plants, which in turn may choose to raise their own production.
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