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Chinese refineries delay projects amid oil supply issues
Sources have reported that Chinese refining plants have postponed two projects that were scheduled to come online this year, due to disruptions in oil supplies from the Middle East through the Strait of Hormuz resulting from the war in Iran. This includes delaying the startup of the HAPCO refinery in Panjin until September or early October, with expectations to begin operations in the third quarter. This delay could restrict production capacity and impact global oil demand. Additionally, the restart of a refining unit at Dalian refinery has been postponed due to narrowing profit margins, as refinery consumption in China has fallen to its lowest level since August 2022, driven by rising crude oil prices and supply disruptions.
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