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Sinopec Shanghai lowers crude stocks to control cost impact from oil price fluctuation

Sinopec Shanghai Petrochemical has reduced its crude inventories by 100,000-150,000 mt from normal levels in an effort to control the cost impact from international crude price fluctuation, Wu Haijun, the company’s chairman, said March 24. The 14 million mt/year (280,000 b/d) Shanghai Petrochemical is Sinopec’s only listed refinery, and its plans are typically representative of . ....

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