Singapore — China's state-owned refineries Sinopec, PetroChina, CNOOC and Sinochem have ramped up crude throughput to average 80% of capacity in June from 76% in May as profit margins increased, a monthly survey by S&P Global Platts showed June 19. Guidance retail prices for gasoline and gasoil are set at a level corresponding to a crude price of $40/b. The higher throughput comes despite two big refineries, PetroChina's 2.05 million mt/year Dalian Petrochemical and Sinopec's 13.8 million mt/year Tianjin Petrochemical, undergoing maintenance since May. Platts' June survey canvassed 19 refineries under Sinopec, 17 under PetroChina, CNOOC's Huizhou refinery and Sinochem's Quanzhou refinery. Their refining margins narrowed when crude prices rose to around $40/b, according to local information provider JLC.

Source: The North Africa Journal March 26, 2021 09:33 UTC