China’s refining margins for Oman crude fall on lower product prices

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)


By: Fanny Zhang
+65 6780 4359



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index