The rise in capacity is attributed to low crude oil prices, which led to refiners keeping their throughput high, and the strong economic activity rebound in China, thanks to effective domestic control of the pandemic.
SHANDONG: China’s fuel refining capacity continues to rise, with the average utilisation rate of China’s independent refineries in Shandong province standing at around 70.4% in 2020, up by about 6 percentage points from 64.2% in 2019, despite the sluggish global refinery demand due to the Covid-19 pandemic, according to S&P Global Platts, an energy industry news and data provider.
The rise in capacity is attributed to low crude oil prices, which led to refiners keeping their throughput high, and the strong economic activity rebound in China, thanks to effective domestic control of the pandemic.
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