Chinese state energy major Sinopec plans to increase its refinery run rates by between 100,000 barrels daily and 150,000 bpd in response to a surge in travel during the Lunar New Year holidays, Reuters has reported, citing trading sources. The amount represents between 2% and 3% of Sinopec’s average daily run rates for 2024, which stood at a total of a little over 5 million barrels daily, Reuters noted. Another reason for Sinopec’s ramp-up is building inventories before it starts shutting down capacity for maintenance in spring. Per…
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