14 June 2013 08:49 [Source: ICIS news]
SINGAPORE (ICIS)--China’s major refineries were operating at an average rate of 84.3% on 14 June, up by 0.14 percentage points from two weeks ago, ICIS C1 data showed on Friday.
Many big refineries maintained steady operating rates. These include PetroChina’s 220,000 bbl/day Fushun refinery, 200,000 bbl/day Liaoyang refinery and 260,000 bbl/day Lanzhou refinery; and Sinopec’s 360,000 bbl/day Maoming refinery, 280,000 bbl/day Shanghai refinery, 260,000 bbl/day Tianjin refinery and 200,000 bbl/day Qingdao refinery.
Other refineries recorded small changes in utilisation rates.
The refinery operating rate is an average of 35 major 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 ICIS C1.
Higher refinery operating rates tend to reduce feedstock costs for China's chemical plants, which in turn may choose to hike their own production.
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