2020 Shandong Independent Refinery Operating Rate Averaged 69.7%
In 2020, despite the public health event, China recovered quickly from it. Meanwhile, supported by the relatively high oil refining profits, Shandong independent refineries were active in production and maintained their operating rates over 70% from April to December 2020. On the whole, in 2020, the average operating rate at Shandong independent refineries was 69.7%, up 6.21% Y-O-Y, hitting a historical high.
In Q1, 2020, influenced by the public health event, from February, China’s demand for gasoline and diesel became sluggish, and the dealings in the refined oil wholesale market underperformed. Due to the growing inventory pressure, many independent refineries in Dongying, Zibo, Binzhou, Weifang, Rizhao, Heze, Dezhou, etc. shut down their units successively, and other refineries reduced their operating rates by 25%-50%. From February 13 to February 19, the weekly average operating rate at Shandong independent refineries was 41.84%, hitting the annual bottom.
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