Sinopec to cut daily oil processing by 11% at Hainan plant
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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