China Petroleum & Chemical (SHA:600028, HKG:0386), or Sinopec, is planning to increase crude throughput in February to meet higher demand stemming from the Lunar New Year holiday and to make up for independent refiners' run cuts, Reuters reported Tuesday, citing trade sources.
The increase ranges between an additional 100,000 and 150,000 barrels per day from January, equating to up to 3% of Sinopec's average throughput of 5.1 million barrels per day in 2024, the report said.
Sinopec is expected to shut at least 700,000 barrels per day of capacity from mid-March to May due to a planned overhaul, Reuters wrote.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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