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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  PetroChina Company    601857   CNE1000007Q1

PETROCHINA COMPANY

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PetroChina : Chinas State-Owned Refineries Cut Apr Run Rates to 81% on Maintenance

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04/24/2019 | 08:37am EDT

The average run rate at Chinas state-owned refiners Sinopec, PetroChina, Sinochem and China National Offshore Oil Corp. dropped for the second-straight month due to many refineries starting maintenance in April, a monthly survey by S&P Global Platts showed.

A total of eight refineries have been undergoing maintenance in April compared with three in March, which helped drag down the overall run rate to around 81% in April, down from 82% in March. The run rate, however, was two percentage points higher than last year.

In January-April, the overall run rate at the state-owned refineries was steady on year at 81%.

The Platts April survey covered 39 refineries 20 under Sinopec, 17 under PetroChina, CNOOCs Huizhou refinery and Sinochems Quanzhou refinery. These refineries, with a combined capacity of 8.73 million b/d, had planned to process 7.1 million b/d of crude in April.

Five out of the 39 surveyed refineries, including three from PetroChina and two from Sinopec, have started maintenance in April.

PetroChina was the only one to have lowered run rates due to maintenance at several refineries in April. Sinopecs run rates was unchanged from March, while CNOOC and Sinochem raised run rates slightly.

Among the 17 surveyed refineries under PetroChina, Wepec Petrochemical, Urumqi Petrochemical and Lanzhou Petrochemical had cut run rates significantly due to the upcoming scheduled maintenance. Meanwhile, Daqing Refining and Petrochemical, as well as Guangxi Petrochemical lifted their run rates each by 10 percentage points, offsetting the drop to some extent.

In other refineries, Sinopecs Luoyang Petrochemical and Jinling Petrochemical entered maintenance from late April, while the other three refineries Qilu Petrochemical, Fujian Refining and Petrochemical and Maoming Petrochemical raised run rates throughout the month.

CNOOCs Huizhou refinery raised run rates to around 58% in April, after restarting the 12 million mt/year phase 1 refinery after a two-month maintenance from around April 18.

Sinochems Quanzhou refinery lifted run rates by three percentage points to around 105%, up from around 102% in March, after touching a multi-month low of 100% in February.

SCHEDULED MAINTENANCE IN APRIL-JUNE

* CNOOC Huizhou restarted its 12 million mt/year phase 1 refinery after a two-month scheduled maintenance since February 18.

* Sinopecs Qilu Petrochemical plans a partial maintenance from early-March for about a month.

* Sinopecs Yangzi Petrochemical will shut its 6 million mt/year CDU and three secondary units for around 1-month maintenance from around March 21.

* Sinopecs Jinling Petrochemical to shut a 8 million mt/year CDU and two secondary units for around a two-month maintenance from April 15.

* PetroChinas Wepec refinery plans to start a 40-day maintenance over April 1-May 10.

* Sinopecs Luoyang Petrochemical refinery plans to start a 55-day maintenance from April 20.

* PetroChinas Urumqi Petrochemical refinery will be shut for a full turnaround over April 21-June 19.

* PetroChinas Lanzhou Petrochemical plans to shut for around 55 days maintenance from April 25.

* Sinopecs Qingdao Refining and Petrochemical will shut over May 10-July 24 for an overall turnaround.

* PetroChinas Jinzhou Petrochemical will shut the entire refinery for maintenance over May-June for around two-month scheduled maintenance.

* PetroChinas Liaoyang Petrochemical will shut the entire refinery for around 50 days over June-July for a scheduled maintenance.

* PetroChinas Daqing Refining and Petrochemical will shut the entire refinery for around 45 days over August-mid September for a scheduled maintenance.

(c) 2019 ITP Media Group. All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
PETROCHINA COMPANY 0.14% 6.94 End-of-day quote.-3.74%
SINOCHEM INTERNATIONAL CORPORATION 1.43% 7.07 End-of-day quote.3.36%
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Financials (CNY)
Sales 2019 2 528 B
EBIT 2019 131 B
Net income 2019 65 015 M
Debt 2019 332 B
Yield 2019 2,41%
P/E ratio 2019 21,94
P/E ratio 2020 19,53
EV / Sales 2019 0,61x
EV / Sales 2020 0,59x
Capitalization 1 218 B
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Number of Analysts 20
Average target price 7,00  CNY
Spread / Average Target -0,36%
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Yi Lin Wang Chairman
Wen Rong Xu Chairman-Supervisory Board
Shou Ping Chai Chief Financial Officer
Hong Bin Liu Non-Executive Director
Bo Qiang Lin Independent Non-Executive Director
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