China's state oil refiners plan overhauls
At least six Chinese state-owned refiners will shutter some crude oil refining capacity for planned maintenance this year, according to people with knowledge of the matter.
At least one Sinopec refinery and another three owned by PetroChina will launch a full plant overhaul, sources at the plants told Reuters. Two others will only close part of their crude oil distillation capacity for repairs.
With each shutdown estimated at 50 days, the planned overhauls are expected to remove close to 120,000 barrels per day (
Most of the refiners plan to start their maintenance in the second quarter, avoiding the third quarter when local demand for fuel products will peak, including gasoline for the October holiday week and diesel for the harvest season.
The refineries that plan to close are PetroChina’s 10 MMtpy
China, the world’s No.2 oil consumer, is expected to see a growing surplus of domestically produced fuel this year as two very large privately controlled refineries
Reporting by Meng Meng and Aizhu Chen; editing by Richard Pullin
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