Bloomberg News

Sinopec, CNPC to Boost October Oil Processing, Oilchem Says

October 11, 2011

(Updates with refiners’ plans in third paragraph.)

Oct. 11 (Bloomberg) -- China Petrochemical Corp. and China National Petroleum Corp., the nation’s biggest refiners, will increase daily oil processing by 4.5 percent this month from September, according to Oilchem.net.

The state-controlled refiners will process as much as 30.5 million metric tons of crude, or 979,000 tons daily, Oilchem.net reported today, citing a survey of 66 plants with a combined capacity of 440 million tons a year compiled by the Shandong- based industry website. That’s equivalent to about 7.2 million barrels a day.

Sinopec Group, as China Petrochemical is known, will process 573,000 tons a day, down 0.2 percent from September, while CNPC will refine 406,000 tons daily, up 12 percent, as plants reopen after maintenance, Oilchem.net said.

Processing volumes will rebound “noticeably” next month after Sinopec Group starts the Jiujiang and Luoyang plants after repairs, according to Oilchem.net.

--Jing Yang, Winnie Zhu. Editors: Ryan Woo, Christian Schmollinger.

To contact the reporters on this story: Jing Yang in Shanghai at jyang251@bloomberg.net; Winnie Zhu in Shanghai at wzhu4@bloomberg.net

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net.


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