13 February 2014 07:36 [Source: ICIS news]
SINGAPORE (ICIS)--Operating rates of major Chinese refineries averaged at 86.13% on Thursday, a slight increase of 0.62 percentage points from two weeks ago, according to data from C1 Energy, an ICIS service in China.
State-owned oil giants Sinopec and PetroChina kept stable crude throughput at most of their subsidiary refineries with no turnarounds in February.
However, the average run rate is expected to fall in mid-March because Sinopec is expected to shut its Changling refinery and some units at its Yanshan and Jinling refineries for turnarounds.
The average refinery operating rate was compiled from 35 major Chinese refineries that have a combined capacity of 7.62m 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 raise their own production.
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