Chinese refineries delay projects over oil supply disruptions
Sources have reported that Chinese refineries have decided to postpone the operation of two major projects due to disruptions in oil supplies from the Middle East caused by the war in Iran. The delays involve a total production capacity of 500,000 barrels per day and impact China's oil demand while limiting the global rise in crude prices. One project, a refinery in Panjin with a capacity of 300,000 barrels per day, has had its startup pushed back to September or early October. Meanwhile, the restart of a refining unit at Dalian refinery has been postponed indefinitely amid increasing pressure on refineries’ profits and a decline in fuel consumption in China.
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