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REFINING: Some China Refiners Facing Bankruptcy on Low Margins

REFINING
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Two of Sinochem’s refineries in China have been declared bankrupt according to Bloomberg reports, highlighting the issues facing older refineries in a low margin environment. 

  • The refineries are Shandong based and used to be part of ChemChina and were taken over by Sinochem when the two groups merged.
  • Another Sinochem teapot, Shandong Changyi Petrochemical Co. was also schedule for a meeting with creditors.
  • The three refineries represent capacity of 300,000 bpd but have been idled for months.
  • See OilChem chart attached showing steep decline for refinery runs in China this year in the face of demand weakness and low margins.

 

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Two of Sinochem’s refineries in China have been declared bankrupt according to Bloomberg reports, highlighting the issues facing older refineries in a low margin environment. 

  • The refineries are Shandong based and used to be part of ChemChina and were taken over by Sinochem when the two groups merged.
  • Another Sinochem teapot, Shandong Changyi Petrochemical Co. was also schedule for a meeting with creditors.
  • The three refineries represent capacity of 300,000 bpd but have been idled for months.
  • See OilChem chart attached showing steep decline for refinery runs in China this year in the face of demand weakness and low margins.

 

Keep reading...Show less