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China's Independent Refineries Throughput Falling in March

REFINING

Crude throughput to China's Shandong independent refineries is declining in March due to scheduled maintenance according to S&P Global. Throughput in February rose 1.4% to 2.15mb/d and was up 2.4% year on year according to JLC data.

  • The maintenance season has so far seen outages at three refineries with a combined capacity of 7.5m mt/year. Another five refineries with a total capacity of 19.2m mt/year are set to begin turnarounds in April and remain shut until May.
  • The total capacity scheduled for maintenance in Shandong independent refineries is expected to be lower in 2023 than last year due to strong refining margins.
  • Fuel demand is likely to increase in March with increased mobility and road travel as China recovers from covid restrictions. Gasoil production yields against gasoline fell in Feb to a 17-month month low of 1.66 to 1 from 1.75 to 1 in January.

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