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Embracing the New Horizon, Towards the Shared Future
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Embracing the New Horizon, Towards the Shared Future
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Shandong province leads the charge as utilization rates drop globally on COVID
China s fuel refining capacity continues to rise, with the average utilization rate of China s independent refineries in Shandong province standing at around 70.4 percent in 2020, up by about 6 percentage points from 64.2 percent in 2019, despite the sluggish global refinery demand due to the COVID-19 pandemic, according to S&P Global Platts, an energy industry news and data provider.
The rise in capacity is attributed to low crude oil prices, which led to refiners keeping their throughput high, and the strong economic activity rebound in China, thanks to effective domestic control of the pandemic.