21 November 2013 07:40 [Source: ICIS news]
SINGAPORE (ICIS)--The operating rates of major Chinese refineries averaged at 83.3% on Thursday, up from 81.8% two weeks ago, according to data compiled by C1 Energy, an ICIS service in China.
The rise was mainly because Maoming Petrochemical’s 360,000 bbl/day refinery has been restarted. Maoming Petrochemical, a Sinopec subsidiary, is currently running the refinery at 30% capacity after completing a turnaround on 15 November.
Other major refiners posted stable operating rates in the two-week period.
The average refinery operating rate was compiled from 35 major Chinese refineries that have a combined capacity of 7.58m bbl/day. The combined capacity accounts for 71% of the total capacity of major refineries, according to C1 Energy.
Higher refinery operating rates tend to pull down feedstock costs for China's chemical plants, which in turn may choose to increase their own production.
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