Friday, May 7, 2010

China’s Oil Refining Rates Fall on Global Uncertainty, C1 Says

from Bloomberg;
May 7 (Bloomberg) -- Oil refineries in China, the world’s second-biggest energy user, cut operating rates by 4.9 percentage points from two weeks earlier because of uncertainty in the global markets, said commodity researcher C1 Energy.
The nation’s biggest refiners, including PetroChina Co. and China Petroleum & Chemical Corp., are operating their plants at an average 81.8 percent of capacity as of yesterday, the Shanghai-based unit of CBI China Co. said in a report. The rate is 1.4 percentage points higher from a year ago, according to the survey of 22 major refineries with total annual capacity of 269 million metric tons (5.4 million barrels per day)...
Benchmark prices of gasoline and naphtha in Singapore dropped a second day yesterday as China’s efforts to cool its economy added to concern fuel consumption in Asia will fall.
Refineries in eastern China were running at 81 percent of capacity, those in the south at 89 percent, plants in the northwest at 83 percent, and those in the north at 74 percent, according to the survey which is conducted every two weeks.
Gains in fuel consumption this year may lag behind the 31.5 million tons a year of refining capacity that’s expected to be added this year....

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