Sinopec Hainan plant
Bloomberg quoted a refinery official said China Petroleum & Chemical Corp will cut daily oil processing volume at its Hainan plant by 11% this month from June as profit shrinks.

The official who declined to be identified because of company rules said the refinery plans to process 720,000 tonnes of crude this month or about 170,000 barrels a day from 780,000 tonnes in June.

He said that the plant is making little profit from crude processing after the government reduced oil product prices in June. The refinery has a designed capacity of 8 million tons a year.

China cut gasoline and diesel prices by about 3% starting June 1st after a drop in crude oil prices.

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