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Spring Maintenance to Be Larger Than Usual: FGE

REFINING

The next round of spring refinery maintenance will be larger than usual, FGE said in a note.

  • Refiners will now try keep refineries running to make use of strength in middle distillates. Refiners could potentially push maintenance works to Q2 2024, when new capacity in the Middle East and possibly Africa is starting up.
  • Refinery processing of crude has been lower than expected in recent months and Chinese runs have been lower due to tougher economics for smaller independent refineries and a low amount of remaining product export quotas.
  • European refinery runs in October and November were down on the year by over 200kbpd, the note said.
  • FGE revised down North African refinery runs, which are now leading to a tighter global products market.
  • Maintenance at the Ras Tanura splitter scheduled for December has reportedly been postponed by a year according to FGE. Persons familiar with the matter said last week the naphtha reformer at the refinery is scheduled to halt in early 2024.
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