Refining margins and domestic demand for oil products remain weak
Chinese refiners to feel the squeeze
China’s crude refining throughput is set to decline quarter-on-quarter in Q1 2022, amid mounting pressure from multiple fronts
China’s crude runs slowed in the first two months of this year, particularly in the northeast of the country, where the government’s desire for clean air during the Winter Olympics has led to a pause on emission-intensive industrial activities, including refining. Some refineries—mostly independent operators in the eastern province of Shandong—started to reduce activity in January. Crude runs in Shandong had dipped below two-thirds of provincial capacity by the second half of the month. But the Olympics have forced deeper cuts, with the biggest impact falling on state-owned refineries in the Beijing, Tianjin and Hebei regions, where state-controlled firms CNPC, Sinopec and Cnooc operate clos
Also in this section
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
19 November 2024
Energy minister says country is delaying first oil production until pipeline and refinery are ready
