24 June 2013 08:02 [Source: ICIS news]
SINGAPORE (ICIS)--Sinopec is expected to refine 60m tonnes of crude in the third quarter of 2013, up by 3-4% from the actual throughput in the second quarter, a company source said on Monday.
However, the company may adjust the target, if domestic oil product demand remains soft and new gasoline and gasoil export quotas are still not available, the source said.
Sinopec has less turnaround capacity in the third quarter, when it will shut units at Hainan Refining & Chemical, Yanshan Petrochemical and Jinling Petrochemical, ICIS C1 data showed.
In addition, Wuhan Petrochemical restarted its long-idle 3.5m tonne/year crude distillation unit (CDU) in mid-June and Anqing Petrochemical will bring on stream a 5m tonne/year CDU on 1 August, according to ICIS C1 data.
Sinopec cut its crude throughput target for the second quarter by 1.5m tonnes to 58.3m tonnes as compared with its original plan because of hefty oil product inventories.
The major’s actual throughput in April-June totalled 57.7m-58m tonnes, because oil product demand has been weak in June and it cut operating rates at refineries refining Shengli crude in central, east China and Shandong province on the back of inferior quality of the feedstock.
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