China’s state refiners run at record lows

摘要

Singapore—China’s two largest state-owned companies’ average crude utilization in the first quarter fell to the lowest on record, reflecting continued overcapacity in the sector, according to Platts’ analysis of company data. Sinopec and PetroChina’s combined Q1 utilization at their primary distillation units continued to fall, hitting 81.5%, the lowest level for the quarter since 2003 when the companies started issuing quarterly reports as refinery run rates failed to keep pace with capacity expansions