15 May 2013 10:20 [Source: ICIS news]
Correction: In the ICIS news story headlined "China’s major refinery margins rise on higher oil product prices" dated 15 May 2013, please read in the third paragraph ... averaged at CNY170/tonne, an increase of CNY43/tonne ... instead of ... averaged at CNY135/tonne, an increase of CNY8/tonne.... A corrected story follows.
SINGAPORE (ICIS)--The refining margins of major Chinese refiners improved in the past two weeks as oil product prices inched up over the same period, ICIS data showed on Thursday.
Based on the integrated ex-refinery prices of oil products, the margins for refining Daqing crude averaged at minus yuan (CNY) 126/tonne (or minus $2.76/bbl) on 15 May, versus minus CNY194/tonne (or minus $4.24/bbl) on 2 May.
The gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY170/tonne (or $3.72/bbl), an increase of CNY43/tonne (or $0.94/bbl) from two weeks earlier.
The income of refined products from Daqing crude and Oman crude rose by 1.21% and 0.14% respectively. The increase was mainly supported by a 1-2% rise in gasoline and gasoil ex-refinery prices as well as the 3.7-10.2% hike in wholesale liquefied petroleum gas (LPG) prices, according to the data from C1 Energy, an ICIS service in China.
The prices of Daqing crude and Oman crude were unchanged at CNY5,445/tonne and $104.76/bbl respectively, the data showed.
Refining margin is the difference between crude prices and sales revenue.
($1 = CNY6.15)
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