2020 Shandong Independent Refinery Oil Refining Profit Up 405% Y-O-Y
According to SCI’s statistics, from January to November 2020, the average comprehensive oil refining at Shandong independent refineries was RMB 303/mt, up RMB 243/mt or 405% Y-O-Y.
In 2020, despite the influence of the public health event, the comprehensive oil refining profits at China’s refineries were mostly at high levels, mainly because of the international crude oil price meltdown and the price floor mechanism of gasoline and diesel retail ceiling prices set by the National Development and Reform Commission. With the ease of China’s public health event and the revival of downstream demand, the operating rates of CDUs at Shandong independent refineries stayed at high levels, and their comprehensive oil refining profits performed well in Q2 and Q4, 2020.
