Sinopec Shanghai Petrochemical plans to process record-high crude oil in 2010, said general manager Rong Guangdao on Tuesday.
According to Rong, Shanghai Petrochemical will process 10.70 million metric tons (tonnes) of crude oil, up 23 percent over 2009's 8.70 million tonnes. About 95 percent of crude oil to be processed in 2010 would rely on import.
The operational rate of Shanghai Petrochemical in January and February rose by 40-50 percent over the same period of last year, said Wu.
China's monthly cruderun since the fourth quarter of last year has refreshed highs for months, mainly because the newly added refining capacity in the second half, which has cast shadow on the already oversupplied fuel market.
Rong said Sinopec has been encouraging its refineries to export more oil products so as to ease the oversupply.
Under such circumstance, Shanghai Petrochemical would continue to put aside its plan to expand ethylene production capacity by 450,000 tonnes/year, a move to lower the oversupply risk.
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Rong said the refining outlook is still unclear given the blur international oil price trend and uncertain oil products pricing mechanism.(Edited by EnergyChinaFroum.com. For more information, please email to: info@energychinaforum.com)
(Istockanalyst,Mar 10,2010)
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