Chinese refiners maximise crude runs on demand recovery prospects – JLC

Chinese refiners PetroChina and Sinopec processed a total of 33.70 million mt (8.82 million b/d) of crude in February, nearly 5% higher than January’s output, according to market intelligence provider JLC.

PHOTO: Sinopec's Hainan refinery in China. Sinopec

Signs of a Chinese oil demand recovery has pushed the two major refiners to maximise their crude runs in February, JLC said. It expects domestic gasoline demand to rise over the coming months as China’s reopening boosts demand.

Diesel demand has showed signs of recovering with construction activity picking up. The refiners are likely to keep their crude runs high before the scheduled maintenance season starts in the second quarter. PetroChina’s crude runs have bee supported by its new 400,000 b/d nameplate Jieyang refinery in Guangdong, which ramped up to full operations this year.

By Nithin Chandran

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