August 12, 2022 09:59 GMT
Shandong independent refiners' throughput recovers to eight-month high in July on the back of strong refining margins.
- July was at 2.36mbpd, up 7% from June and the highest since Dec 2021, according to local energy information provider JLC.
- JLC's surveyed 40 independent refineries in Shandong with 3.1mbpd and 17% of China’s capacity.
- Feedstock of bitumen blend increased 91% in July to 1.44m mt from 0.75m mt in June due to improving margins for producing.
- A new round of oil refining sector tax inspection as well refinery maintenance may limit August feedstock consumption. The utilization rate as of Aug. 11 fell to 66.2% from the 69.5% two weeks ago according to JLC.