Operating rates of independent refineries in Shandong Province averaged 40.9% Thursday, up by 1.3 percentage points from one week ago and down by 3.1 percentage points compared with a year earlier, C1's research showed.
Run rates of most of the refineries declined because of likely bearish oil product market in August, according to refinery sources.
As of Aug 4, a total of 25 independent refineries were in operation and their feedstock throughput added up to around 83,400mt per day, up by 9,600mt on week.
C1's research involves in 32 independent refineries, with annual oil refining capacities aggregating 67.35-mil mt, accounting for 91% of the total topping refineries of Shandong independent refineries.