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COVID-19 - News digest as of 21.04.2021

April 21/2021

1. March oil storage increased in China

MOSCOW (MRC) -- China boosted the flow of crude oil into storage tanks in March as strong imports and domestic output exceeded an increase in the volume of fuel being processed by refiner, said Hydrocarbonprocessing. ,About 1.63 million barrels per day (bpd) of crude was directed into commercial and strategic inventories last month, up from about 920,000 bpd in the first two months of 2021, according to calculations based on official data. The increase in storage was mainly a reflection of rising crude imports in March, which reached 11.69 million bpd, above the 11.08 million bpd reported by customs for the first two months of the year. Domestic crude output was also higher in March at 4.02 million bpd, up 3.3% from the same month last year, and also above the 3.89 million bpd in the first two months of 2021. China doesn't disclose the volumes of crude flowing into strategic and commercial stockpiles. But an estimate can be made by deducting the amount of crude processed from the total amount of crude available from imports and domestic output.

2. Formosa to increase capacity utilisation at its refinery in Taiwan to 74% in May

MOSCOW (MRC) -- Taiwan's Formosa Petrochemical Corp plans to ramp up operating rates at its refinery in May to 74% once it restarts a gasoline-making unit after maintenance and as refining margins have improved, reported Reuters with reference to the company's spokesman. ,Formosa plans to process 400,000 barrels per day (bpd) of crude in May, or 74% of its total capacity, up from 340,000 bpd in March and April, spokesman KY Lin told Reuters. The higher utilization rate comes as Asian gasoline refining margins have returned to pre-COVID-19 levels.Formosa is among the largest oil products exporters in Asia and a ramp-up in its output is expected to lead to more exports.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, medicine, petrochemistry, Formosa, COVID-19, China, Taiwan.
Category:General News
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