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CNOOC cuts Feb crude throughput at Huizhou refinery

February 07/2020

MOSCOW (MRC) -- China National Offshore Oil Corporation (CNOOC) is lowering crude oil throughput this month at a refinery in south China by about 8% from the original plan as the coronavirus cuts demand for its refined fuel, a company source said, as per Hydrocarbonprocessing.

The 240,000 barrels per day (bpd) plant in Huizhou, Guangdong province, will process about 220,000 bpd in February, the source, who has direct knowledge of the plants operations, told Reuters.

CNOOC did not immediately respond to an email seeking comment.

The decision to cut output was made on Tuesday as CNOOC started to receive feedback from its refined fuel customers that demand was falling faster than expected because of the spread of coronavirus.

The cut at a similar level will be extended into March, said the source, who declined to be named as he is not authorised to talk to the press.

At the same site, CNOOC has kept operations at another 200,000-bpd capacity refinery unchanged at 70% utilisation, the source added.

Reuters reported on Monday that Chinas Sinopec, Asias top refiner, has lowered its throughput this month by around 12% in the steepest cut in more than a decade and independent refineries in east Chinas Shandong have reduced operations by 30%-50%.

As MRC informed earlier, China National Offshore Oil Corp. and Shell International Petroleum Company Ltd. signed a memorandum of understanding (MOU) to explore their existing collaboration and the development of petrochemical manufacturing facilities at the Nanhai site in Huizhou, Guangdong province.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, CNOOC, CNOOC and Shell Petrochemicals Company Limited (CSPC), Shell.
Category:General News
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