29 May 2013 10:27 [Source: ICIS news]
SINGAPORE (ICIS)--Refining margins of major Chinese refiners using Oman crude as feedstock declined in the past two weeks as product prices declined, ICIS data showed on Wednesday.
Based on integrated ex-refinery prices of oil products, the gross margins for refining Oman crude, a representative of foreign crude, averaged at yuan (CNY) 146/tonne (or $3.24/bbl), versus a margin of CNY170/tonne (or $3.76/bbl) on 15 May.
The income of refined products from Oman crude went down by 0.39% in the period mainly because of a 3.7% fall in mix aromatics prices and a 6.1% drop in liquefied petroleum gas (LPG) prices, according to the data from C1 Energy, an ICIS service in China.
However, refiners still suffer losses in refining Daqing crude, with a negative $2.76/bbl margin this week, largely flat with two weeks ago.
The prices of Oman crude and Daqing crude were unchanged at $104.76/bbl and CNY5,445/tonne respectively, the data also showed.
Refining margin is the difference between crude prices and sales revenue.
($1 = CNY6.12)
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