02 May 2013 10:37 [Source: ICIS news]
SINGAPORE (ICIS)--The operating rates of major Chinese refineries averaged at 84.1% capacity on Thursday, up from 80.8% two weeks ago, because more refineries have resumed operations, according to data from C1 Energy, an ICIS service in China.
PetroChina raised the utilisation rate of its 410,000 bbl/day Dalian refinery by 29 percentage points to 83% after a turnaround was completed. Its 200,000 bbl/day Qinzhou refinery is currently running at 88% capacity after completing a two-month turnaround that started on 1 March.
Sinopec restarted its 160,000 bbl/day Jinan refinery in late April, which is currently running at 60% capacity.
Additionally, Sinopec started up a number of secondary processing units at its 260,000 bbl/day Gaoqiao refinery after completing a turnaround that that started on 15 April. This pushed up its operating rate from 62% two weeks ago to 81% capacity.
However, the rise in Sinopec’s production capacity was partly offset by the ongoing turnarounds at its 314,000 bbl/day Guangzhou refinery and 120,000 bbl/day Daqing refinery.
Both refineries were running at 38% and 59% capacities respectively before the maintenance shutdown on 1 May, down from 78% and 106% two weeks ago.
Other major refiners have largely posted stable operating rates in the two-week period.
The average 84.1% refinery operating rate was compiled from 35 major Chinese refineries that have a combined capacity of 7.44m 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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