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China data: State-owned refiners keeps run rates steady at 85% in Feb

The average run rate at China's state-owned refiners Sinopec, PetroChina, Sinochem and China National Offshore Oil Corp., remained steady on a month-on-month basis at around 85% of the overall nameplate capacity in February, despite increasing stocks of oil products, a monthly survey by S&P Global Platts showed Friday.  However, the combined run rate was still one percentage point higher from the 84% rate a year ago.  The February run rate also brought the year-to-date run rate at the state-owned refineries to 85%, up from 82% over January-February 2018.  Sinopec was the only state refiner that had increased crude runs in February, as PetroChina kept run rates steady, while both Sinochem and CNOOC had cut run rates at their sole refineries.  The Platts February survey covered 39 refineries: 20 under Sinopec, 17 under PetroChina, CNOOC's Huizhou refinery and Sinochem's Quanzhou refinery. These refineries, with a combined capacity of 8.73 million b/d, had planned to process 7.42 million b/d of crude in February.  Among the 20 Sinopec refineries, four planned to raise run rates by more than five percentage points, with the rest more or less stable. The four included Qingdao Petrochemical, Guangzhou Petrochemical, Dongxing Petrochemical, and Fujian Refining and Chemical Company.  PetroChina's Guangxi refinery had planned to raise run rates by five percentage points in February, but this was offset by its neighboring Sichuan Petrochemical, which had cut run rates by 17 percentage points.  CNOOC's Huizhou refinery has cut its run rate to 75% of capacity in February, after shutting the 12 million mt/year phase 1 refinery for a two-month maintenance.  Sinochem's Quanzhou refinery lowered run rates further to 100% in February, from 102% in January, the third consecutive monthly drop since November 2018.  SCHEDULED MAINTENANCE IN JANUARY-MAY:  Sinopecs Qilu Petrochemical plans a partial maintenance from early-March for about a month  PetroChina's Wepec refinery plans to start a 40-day all around maintenance over April 1-May 10  Sinopec's Luoyang refinery plans to start a 55-day maintenance from April 20  PetroChina's Urumqi refinery will be shut for a full turnaround over April 21-June 19  PetroChina's Lanzhou Petrochemical plans to shut for around 55 days' maintenance from April 25  Sinopec's Qingdao Refining and Petrochemical will shut over May 10-July 24 for an overall turnaround