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CHINA DATA:Oct throughput falls as state-owned refiners cut runs to 79%

 Platts 2020-11-05

Crude throughputs at China’s refineries extended the falling trend in October, with both state-owned oil companies and independent refineries cutting run rates amid weakening refining margins.

Combined run rates at the four state-owned oil companies — Sinopec, PetroChina, CNOOC and Sinochem — averaged 78.9% in October, down from 81.5% in September, data collected by S&P Global Platts showed on Oct. 28.

It was the fourth monthly consecutive drop since July, when it was 83.1%, a six-month high, Platts data showed.

Sinopec, the world’s biggest refiner by capacity, led the cut in October with five percentage point reduction to 82% from September, compared with 88% in October 2019.

The company had planned to lift its throughput by 4.3% year on year and process 130 million mt of crude oil in the second half of this year. Q4 is usually a busy season for refineries to hit annual targets.

“But it is impossible for us to meet the target this year any way. All we think about is to lower refining loss in the rest of the year,” a Sinopec refiner told Platts.

“Domestic demand is not strong while oil product prices in overseas are bad, the only way for us is to limit our throughput in order to lower loss,” the refiner added.

As a result, most of the Sinopec refineries are reluctant to make up the throughput reduction due to maintenance in their peers Qilu Petrochemical, Wuhan Petrochemical and Qingdao Petrochemical.

Instead, 11 of Sinopec refineries which are in normal operation cut their runs by 1-7 percentage points in October from September. These included the newly launched 10 million mt/year Zhongke Petrochemical, cutting its run to 77% from 80% in September.

But Jinling Petrochemical raised crude throughputs by 8 percentage points in October before the refiner shuts its 10 million mt/year crude distillation unit and related secondary units for maintenance from mid-November.

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CHINA DATA:Oct throughput falls as state-owned refiners cut runs to 79%

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