rongsheng refinery pricelist

2023-05-21 21:22:12

The newly-built highly-integrated mega Chinese refinery-cum-petrochemical complexes are immensely more efficient than the 50-60 year-old clunkers that they are replacing across the globe spanning from the U.S. west coast to the Philippines, bringing a new paradigm to the oil market, they said.

So far in Asia, Royal Dutch Shell announced the closure of its 60-year-old 110,000 b/d Tabangao refinery in the Philippines and plans to cut capacity by half at its biggest 500,000 b/d facility in Singapore. Shell said it aims to have just six integrated refineries by 2025.

BP Australia earlier said it would convert its 152,000 b/d Kwinana refinery in Western Australia into an import terminal. Ampol said Oct. 8 it is studying a similar conversion of its 109,000 b/d Lytton site, echoing a statement by Refining NZ, the sole operator in New Zealand. The Australian government last month announced plans to subsidize refiners as long as they maintain operations in Australia, days after Viva said it may shut the 120,000 b/d Geelong site.

One of the export quota recipient, Zhejiang Petrochemical Corp. (ZPC) was given 1 million mt. The company, which is majority owned by Rongsheng Petrochemical Co., is in the final stages of getting the second phase of its 800,000 b/d refinery up and running.

Mobility curbs delayed the commissioning of new plants while supply of propylene from refinery sources was curtailed as refiners cut runs, according to Asia Light Olefins World Analysis - Propylene.

A bumper 10 million-barrel spot crude oil purchase by Rongsheng Petrochemical suggests it is keen to get the second phase of its massive 40 million mt/yr, or 800,000 b/d, refinery and chemical project at subsidiary Zhejiang Petrochemical Co. Ltd (ZPC) running in the coming months, trading sources said.

Rongsheng announced in August plans to begin trial runs at the second 400,000 b/d tranche of the project in the fourth quarter of 2020 and looks set to achieve this aim despite COVID-19-related construction delays due to social distancing restrictions earlier in the year.

Market participants said Rongsheng was absent from the spot market for a couple of months and returned this week to buy the medium-sour Middle East cargoes, which led some to believe it was restocking but added that the scale of the purchase does point to some use in the new facility.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with the OPIS Asia Naphtha & LPG Report.

Continuing low refinery runs coupled with the autumnal turnaround season has tightened supplies from across the European barrel since September, creating backwardation in naphtha and gasoline and causing middle distillate differentials to strengthen versus distillate futures, according to OPIS and Intercontinental Exchange pricing.

Refinery runs at the world"s third largest crude oil importer are forecast to increase to 90% in November from around 80-85% in October with further hikes anticipated in December, with one source adding that it could reach 100% due to the combination of renewed diesel and strong gasoline demand.

India reduced refinery throughput in August to 16.1 million mt, or 3.82 million b/d, down a hefty 26.4% from a year ago, according to data from the Petroleum Planning & Analysis Cell (PPAC). This works out to 76% of the country"s nameplate 5.02 million b/d capacity and 73.6% of the 5.19 million b/d processed a year ago, the data showed.

There are no major refinery turnarounds planned in the fourth quarter aside from the month-long shutdown of the 400,000 b/d Vadinar facility in October.

Egypt"s Middle East Oil Refinery (MIDOR) company, located in Alexandria, has issued a tender to buy 90,000 metric tons of gasoil for October and November delivered into El Dekheila Port, according to a document seen by OPIS amid better-than-expected recovery in the region.

MIDOR delivers refined products to the national oil company, EGPC, and the local market. Its refinery has a crude distillation capacity of 100,000 b/d and is one of the newest and most sophisticated of Egypt"s nine operating refineries, according to IHS Markit data. Egypt has a total atmospheric distillation capacity of 737,000 b/d.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with the OPIS Asia Naphtha & LPG Report.

Turnarounds at the nearby 210,000-b/d Petronineos-operated refinery and the petchem plant were originally scheduled for April this year, but the onset of the COVID-19 pandemic scotched those plans.

One source told OPIS that a short period of maintenance work on a 110,000-b/d crude distillation unit at the refinery was about to end, and so many workers engaged in that project will be redeployed to work on the forthcoming petchems plant shutdown.

India, the second-largest crude oil importer in Asia, reduced refinery throughput in August to 16.1 million mt, or 3.82 million b/d, down a hefty 26.4% from a year ago, according to data from the Petroleum Planning & Analysis Cell (PPAC). This works out to 76% of the country"s nameplate 5.02 million b/d capacity and 73.6% of the 5.19 b/d processed a year ago, the data showed.

"We expect the demand recovery to continue and that would support higher refinery runs in October/November. However, from a year-on-year point of view, there is still a long a way to go to reach the 2019 level," said Premasish Das, IHS Markit research and analysis director.

IHS Markit estimates September refinery runs at 4.1 million b/d, rising to 4.4 million b/d in October/November, Das said, adding that the forecast may be slightly on the optimistic side.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with the OPIS Asia Naphtha & LPG Report.

Demand in India will increase as two massive crude units, the Indian Oil Corp. 300,000 b/d Paradip refinery and a 380,000 b/d unit at the mega Reliance Industries Jamnagar site begin operations after around a three-week maintenance.

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Asia naphtha demand as a petrochemical feedstock will continue to grow as new crackers begin operations even as below-capacity refinery utilization rates in some countries squeeze supply further, they said.

Refinery run rates in Asia and the Middle East are expected to improve to 74% this month and reach 82% by January 2021, from below 70% in April during the depth of coronavirus disease 2019 (COVID-19) lockdowns, said April Tan, IHS Markit associate director in Singapore.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with theOPIS Asia Naphtha & LPG Report.

A Royal Dutch Shell refinery in the Philippines became the first Asian casualty of the fuel demand destroying coronavirus disease 2019 (COVID-19) pandemic as other sites in the region brace themselves for similar fallouts in the face of new virus outbreaks and poor refining margins while more sites come onstream in China.

Pilipinas Shell Petroleum Corp said on Thursday that its near 60-year-old 110,000 b/d Tabangao refinery in Batangas province was no longer economically viable and would be turned into an import terminal.

“Due to the impact of the COVID-19 pandemic on the global, regional and local economies, and the oil supply-demand imbalance in the region, it is no longer economically viable for us to run the refinery,” Pilipinas Shell President and CEO Cesar Romero said in the statement.

Refining margins in Asia are under tremendous pressure due to the sharp drop in fuel demand with the benchmark Singapore complex gross margin dropping to minus $3.78/bbl in May/June, according to an update by Refining NZ, which is studying the possibility of converting its refinery in New Zealand to an import terminal.

“This is not a surprise. We are working on a list of refineries in Asia that are vulnerable because of COVID-19 and this refinery keeps coming up in many of the criteria,”said Premasish Das, IHS Markit downstream research and analysis director, adding that there are sites in Japan, Australia, New Zealand and even in Singapore that face uncertain futures.

RIL brought forward the turnaround of a 380,000 b/d CDU at the export-oriented 705,200 b/d Jamnagar refinery to this week from the initial schedule of Oct. 15, according to sources. The works were expected to finish in three to four weeks.

U.S. refined product output capacity that has been chasing significantly weaker demand since April due to the economic fallout of coronavirus disease 2019 (COVID-19) is about to lose another refinery to temporary shutdown, market sources report.

When operating at or near full capacity, the Calcasieu refinery supplies a considerable amount of heavy naphtha and low-sulfur vacuum gasoil (LSVGO) into the U.S. Gulf Coast spot market. Figures from the U.S. Energy Information Administration show the refinery as having 36,000 b/d of vacuum distillation capacity (hence the VGO output) but nothing in the way of fluid catalytic cracking (FCC) capacity or catalytic reforming capacity.

A testament to the Calcasieu refinery"s length on intermediate feedstocks is the fact that Calcasieu-quality LSVGO and Calcasieu-quality heavy naphtha were both seen on offer in the U.S. Gulf Coast spot market last week.

Other U.S. refineries shelved during the pandemic are Marathon Petroleum"s 166,000-b/d plant in Martinez, Calif., and its 28,000-b/d refinery in Gallup, N.M. (both in April). As reported by OPIS on June 16, restart of at least the Martinez refinery is not likely in 2020, according to some large unbranded wholesale customers who were privately informed by company sales executives.

Another U.S. refinery -- HollyFrontier"s 52,000-b/d refinery in Cheyenne, Wyo. -- is also soon to exit the petroleum-processing business. As previously reported, the refinery is expected to halt refining operations by Aug. 1 in order to begin the process of converting the facility to renewable diesel production by the first quarter of 2022.

Lower refinery utilization and the COVID-inspired drop in U.S. demand have also dismissed octane worries for the moment. The best means of addressing tough Tier 3 sulfur standards this year would have required running catalytic reformers at very high rates, and that might have limited output of high- octane components. But the lowest refinery runs of the 21st century have left plenty of spare capacity in refining complexes and kept octane spreads in check.

U.S. refinery utilization has averaged less than 83% of capacity for 15 weeks, including a number of plants at minimum rates or idled (Marathon Petroleum"s refineries in Martinez, Calif., and Gallup, N.M).

Flaring occurred Tuesday at the Shell-operated 404,000-b/d Pernis refinery near Rotterdam in the Netherlands, according to eyewitnesses, with market sources saying Europe"s largest plant is becoming fully operational after a turnaround.

The trader had previously suggested that some units at Pernis, including those maximising the refinery"s middle distillates production, would not be operational until the middle of July, even though other units came back online last month.

The purchases well exceed Chinese refinery runs, especially in the second quarter when the nation was in the grip of COVID-19, leading most participants to agree that a lot of the oil has gone into storage, the capacity of which many had underestimated, according to Feng.

However, shipments have picked in July as seen in recent shipping fixture reports but are still well short of typical levels due to COVID-19, which may lead to reduced refinery runs resulting in a longer period of lower imports, trading sources said.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with theOPIS Asia Naphtha & LPG Report.

The freeing up of tankers from earlier use as floating storage at the start of COVID-19 lockdowns, along with below-capacity refinery utilization, curtailed liquidity in oil product trades and led to the slump in freight, he added.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with theOPIS Asia Naphtha & LPG Report.

CPC Corp. is seeking gasoline in a surprise move following the closure of a 50,000 b/d residue fluid catalytic cracker (RFCC) at its Taoyuan refinery in Taiwan for turnaround amid growing demand as governments relax lockdown measures to curb the coronavirus disease 2019 (COVID-19).

The tender came as CPC Corp. shut the RFCC at its 200,000 b/d Taoyuan refinery on May 7 for maintenance works that are expected to last until around Aug. 20, as reported earlier.

"We may see some demand from countries where refinery runs were slashed. They have not raised runs fast enough yet to meet demand recovery," the trader said.

Supply of all naphtha grades tightened because of lower global refinery runs due to fuel demand loss stemming from coronavirus disease 2019 (COVID-19) mobility restrictions. At the same time, resilient petrochemical demand has kept Asia cracker run rates at more than 85% in recent months, widening the supply shortfall, they said.

"Asia was awash with arbitrage barrels in May and June because there was no gasoline blending demand. Now gasoline demand has returned, cracker demand is still there, but refinery runs are recovering at a slow pace because middle distillate margins remain weak," said a northeast Asian buyer.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with theOPIS Asia Naphtha & LPG Report.

Global commodities trader Gunvor is mothballing its 107,500-b/d Antwerp refinery in Belgium following the cratering of European refining margins during the coronavirus disease 2019 (COVID-19) pandemic, the company"s CEO Torbjorn Tornqvist has announced.

Gunvor"s Antwerp refinery has a much lower potential output than several other refineries in Europe"s key Amsterdam-Rotterdam-Antwerp refining hub, and its size is one of several factors adversely affecting its strength, IHS Markit refining and marketing consulting director Hedi Grati told OPIS.

"Gunvor"s refinery in Antwerp is smaller and less complex than its peers in the port and across the border in nearby Rotterdam. Additionally, there is less integration with marketing activities such as fuels retail, which would otherwise provide some more security of demand," said Grati.

"The continued strength of Urals crude, at a premium to dated Brent, must have seriously weighed on the refinery"s bottom line," Grati added. The refinery was designed to process medium-sulfur crude oil, such as the Urals grade.

The refinery, in the southern Malaysian Johor state, was shut after a massive fire and explosion on March 15 that killed five people. The incident, the second in a year, occurred at a Diesel Hydro Treating Unit (DHT), the company said in a March 16 statement.

The refinery was saddled with issues since it began production last year. In April 2019, another massive fire and explosion almost completely destroyed an atmospheric residue desulphurizer (ARDS), crippling operations as the site was no longer able to process intended sour crudes.

Consequently, the refinery as a whole, and the RFCC in particular, was running at very low rates, market sources said. The fire-hit ARDS was due to restart in the middle of this year, Petronas said in a quarterly report.

The refinery is designed to produce 98,000 b/d of gasoline, 28,000 b/d of jet fuel, 88,000 b/d of diesel, 5,000 b/d of fuel oil and 458,000 mt/year of slurry sulfur. Its gasoline and diesel meet Euro 5 specifications.

The refinery also provides feedstock to an integrated petrochemical complex with a nameplate capacity of 3.3 million mt/year. The cracker has a capacity to produce 1.26 million mt/year of ethylene, 600,000 mt/year of propylene and 180,000 mt/year of butadiene, according to IHS Markit data.

California refined products margins are better than they were when Marathon temporarily idled its 161,000-b/d Martinez refinery in April, but fuel demand has not improved to where a restart of the complex is likely in 2020, sources said.

Some large unbranded wholesale customers told OPIS that they have been privately informed by Martinez sales executives that a restart in 2020 appears out of the question. But the Bay Area refinery is not a candidate for permanent closure, given its complexity and the eventual return of demand for transportation fuel in a post-coronavirus disease 2019 (COVID-19) environment.

A Marathon spokesperson declined to comment on Martinez refinery operations in the rest of 2020, emphasizing that top brass was constantly evaluating conditions with an intent to restart when "demand warrants."

In comparison, the five-year average of mid-June weekly prices for S.F. CARBOB and S.F. CARB diesel between 2015 and 2019 was $1.85/gal and $1.82/gal, respectively, according to OPIS historical spot pricing data. Even so, Northern California current market values are about 62cts/gal stronger than when the Martinez refinery was idled on April 27.

Bringing back a 161,000-b/d refinery might tighten up the crude market but could tilt gasoline back into the "sloppy" category that prevailed for the first part of 2020.

The U.S. West Coast PADD5 region represents perhaps the most disciplined refining area of the country. Before the COVID-19-inspired demand destruction, refiners were operating at about 87% of capacity, according to statistics compiled by the U.S. Energy Information Administration (EIA). Regional run cuts and the idling of Martinez pulled refinery utilization rates to just above 61% of capacity for the week ending June 5, according to EIA. A cursory glance at other regions finds the East Coast with a lower rate of 51.3%, but that"s only because the closed-for-good Philadelphia Energy Solutions refinery"s 336,000-b/d is still counted in the base capacity. PADDs 2, 3 and 4 have seen refinery runs rebound to over 75% utilization.

The Martinez refinery could be restarted in relatively short order if demand warranted, with the plant capable of returning to normal operations within two weeks, a spokesperson told OPIS.

Longer term, the refinery is viewed as a keeper, although Marathon might have to make substantial investments in the state in renewable diesel. Refinery experts who have analyzed all of California"s refineries list Valero"s Wilmington plant as the most likely candidate for eventual closure, and they are also keeping an eye on Phillips 66"s coupled plants in Rodeo and Santa Maria.

Marathon"s Martinez plant isn"t the only refinery likely to remain on the shelf for months. The refiner also idled its 26,000-b/d refinery in Gallup, N.M., and a restart there does not appear imminent.

Meanwhile, sources believe that the ex-HOVENSA plant in St. Croix in the U.S. Virgin Islands that was originally expected to run up to 200,000 b/d of crude in early 2020 in January will not be manufacturing gasoline or diesel this summer. There is no word on when the 135,000-b/d Come-by-Chance refinery in Newfoundland will be resurrected by new owner Irving, and a deal to refurbish and restart a 335,000-b/d Curacao refinery by Klesch Group has been delayed by COVID-19. Demand concerns are also the probable rationale behind the delayed target date for the expansion of ExxonMobil"s Beaumont, Texas, refinery from 350,000 b/d to 600,000 b/d.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with theOPIS Asia Naphtha & LPG Report.

The 404,000 b/d Pernis refinery near Rotterdam in the Netherlands, Europe"s largest refinery, is scheduled to come back from its largest turnaround in several years by the end of this month, market sources said today.

Refinery operator Royal Dutch Shell has started offering diesel to load from Pernis before the end of the month, according to two European diesel market sources. Shell is also offering marine gasoil, known as DMA, for loading at Pernis in July, said a marine fuel market source.

The entire refinery with two 200,000-b/d CDUs went offline for a turnaround in the middle of April, and sources in the area said maintenance would last throughout May and June. The refinery is set come back online at a moment when European refining margins remain low but have started to creep up.

Northwest Europe naphtha values strengthened against the refinery complex in April and May, with support coming from higher arbitrage flows to Asia alongside burgeoning petrochemical feedstock demand, while other refined products in Europe saw demand crumple due to the confinement measures brought about by the coronavirus 2019 disease (COVID-19).

Demand recovery and refinery run rates are the two uncertainties trading sources consistently raise when discussing Asian crude oil imports in the coming months and its impact on prices now that the OPEC+ group have got a handle on supply.

However, whether the OSP increase and possible reluctance among term buyers to take full contractual volumes would draw out crude oil currently in storage as part of the contango trading strategy or even flush out clean products on board vessels in place of higher refinery runs is still a big unknown, they said.

“By how much 2H 2020 imports will pull back depends on refinery runs (which in turn depends on oil demand recovery in domestic and overseas markets) and availability of storage capacity. All these factors are 2020 specific and may not be directly comparable to 2018,” said Feng Xiaonan, IHS Markit analyst in Beijing.

Chinese refinery runs in May were estimated to see more month-on-month improvement to 70% from 55 % in February, according to the IHS Markit China Refining and Marketing Short-Term Outlook report published on May 29.

Refined oil product output in France is rising as demand returns, with the Total-operated Grandpuits refinery coming back online and two ExxonMobil-operated refineries boosting runs.

The 100,000-b/d Grandpuits facility, located near Paris, was initially due back online in March after a month-long maintenance period, but the refinery remained offline due to slumping demand as France undertook its lockdown to combat the coronavirus disease 2019 (COVID-19) pandemic.

ExxonMobil"s 120,000-b/d Fos refinery, based in the south of France, has joined the company"s 233,000-b/d Gravenchon plant in "adapting to the demand" for oil products in the country, where lockdowns are easing and consumption increases, according to a company spokeswoman.

The Gravenchon refinery increased runs last week as the company informed local residents that units were being brought back into operation. ExxonMobil declined to offer figures regarding exact throughput at the refineries.

Total"s 100,000-b/d Feyzin refinery is seeing more worker activity on site but remains offline, local sources said. The French oil major began a big turnaround at Feyzin on February 14, with the work scheduled to last several weeks at a cost of 80 million euros, but maintenance was stopped on March 20 due to the COVID-19 pandemic.

Refinery maintenance scheduled before the COVID-19 pandemic could encourage some operators to boost output, according to IHS Markit principal downstream research analyst Eleanor Budds.

Strong naphtha demand, as well as tight supply with lower arbitrage flows and refinery turnarounds, will support prices. CFR Japan on June 3 rose to $343.750/mt, the highest since March 6.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with theOPIS Asia Naphtha & LPG Report.

Tupras will resume production at its 230,000 b/d Izmir refinery on 1 July, which accounts for 40% of its crude oil processing capacity, the company said in a recent filing posted on the Public Disclosure Platform (KAP) website.

Production stopped temporarily at the refinery on May 5 due to falling demand for oil products amid travel restrictions to prevent the spread of COVID-19, Tupras said.

The Asia gasoline market is expected to strengthen further with its margin poised to turn positive amid tighter supply due to lower Chinese exports and reduced refinery runs just as demand is growing on the back of looser lockdown measures, analysts and traders said.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with theOPIS Asia Naphtha & LPG Report.

The Yulong project has been in the making for years. Last September, details emerged for an 800,000 b/d refinery to be built in two phases with the first 400,000 b/d to be integrated with two 1.5 million mt/year ethylene plants, according to the Shandong provincial and Jilin city governments.

Ten independent refineries, with a combined 560,000 b/d capacity, have so far signed up to swap their existing refining assets into equivalent equity shares in the newly proposed refinery, according to the IHS Markit report.

"Considering that the COVID-19 outbreak has already put mounting pressure on employment and local economic growth, we believe it is probable for the government to postpone refinery closures in order to maintain stability," they said in the report.

"Consumption of gasoline and diesel rose to about 90% of levels in the previous years, while demand for jet fuel recovered to around 60%," said an official at a major refinery, asking not to be identified.

Last month, SK Energy, the nation"s largest refiner idled its 260,000 b/d No. 5 CDU and other facilities including the 57,000 b/d No.1 residue fluidized catalytic cracker (RFCC) at the 840,000 b/d Ulsan refinery for scheduled turnaround, as reported earlier.

Uncertainty continues to hang over the maintenance plans of British refinery operators, who have been juggling the demands of government, low refining margins and the practicalities of undertaking turnarounds during a pandemic.

The tricky calculations facing some U.K. refiners are best embodied by a debate swirling around the 210,000-b/d Petroineos-operated Grangemouth refinery.

The refinery was due to come offline along with the nearby Ineos-operated petchems site in April, but sources in the area said in March that all the works would be postponed amid the onset of the coronavirus disease 2019 (COVID-19) pandemic.

The refinery"s financial viability, an issue that has dogged Grangemouth in the past, reared its head again earlier this month, when Petroineos was widely reported by the British media to have applied for an emergency government loan of up to £500 million.

"With people following government advice to stay at home, demand for road and jet fuel has dropped significantly," the company said in a statement reported by IHS Markit, the parent company of OPIS. "As a responsible operator of Scotland"s only refinery, Petroineos is in regular discussion with the Scottish and U.K. governments on a variety of matters."

Asked whether there was concern among the workforce about what would happen to the refinery, one worker representative said: "There are discussions ongoing with the U.K. and Scottish governments. I don"t think there is a huge fear that the refinery is going to shut."

The turnaround plans of Phillips 66, the operator of the 210,000-b/d Humber refinery, which lies on the east English coast, were also nixed by the pandemic.

OPIS revealed in March that a turnaround planned at the refinery for the April-June period had been postponed until September, according to sources in the area.

However, some unit work is ongoing, the operator told OPIS this week when asked if the refinery"s fluid catalytic cracker was offline for maintenance.

"There is planned maintenance work currently underway at the Humber refinery," the company told OPIS in an e-mailed statement. "Details regarding the specific units involved and the duration of the work are considered proprietary."

Sources at Fawley said in March that the U.K. government had insisted to ExxonMobil that it must keep the refinery running "at all costs" during the COVID-19 pandemic, even as refining margins for products such as gasoline entered double-digit negative territory.

The British government has been holding regular conference calls with the refinery"s manager in order to receive updates about the plant"s status, sources at Fawley have told OPIS.

"As a critical sector, workers in the oil and gas industry have continued operations while taking the necessary precautions," a spokesman at the Department for Business, Energy and Industrial Strategy told OPIS. "The government has been engaging with the UK"s oil refinery operators, as well industries across all sectors, during this period."

The maintenance plans of the U.K."s two other large refineries -- the Essar-operated 200,000-b/d Stanlow refinery in northwest England and the Valero-run 220,000-b/d Pembroke plant in Wales -- have been less affected by the pandemic, although runs at the refineries have been reduced.

A spokesman for Essar told OPIS this week that the refinery"s fluid catalytic cracker, which boosts gasoline output, came back online in the first half of April. Essar also had second-quarter work penciled in for Stanlow"s hydrofluoric acid and sulfur recover units, sources with familiar with the refinery"s work schedule say.

Last week refinery runs slumped to 56.1% of the nation"s total 3.52 million b/d capacity, the lowest on OPIS records of the Petroleum Association of Japan (PAJ) data going back to January 2014.

“The North Sea barrels that’s been floating for a while will start to clear, some of them will end up in STS (ship-to-ship) operations with the VLCCs that were booked,” said one trading source, adding that resumption of refinery runs in some European countries such as Germany will also aid in the absorption of the regional supply overhang.

Japanese refinery runs fell further last week to the lowest in more than six years even as the government lifted a state of emergency nationwide giving hope to a rebound in oil product demand.

Nayara Energy restarted a 110,000 b/d unit at Vadinar in late April after a over two-week closure, Bharat Petroleum Corp. Ltd resumed operations at its 100,000 b/d crude unit in Kochi this week following a three-week shutdown, while Mangalore Refinery & Petrochemicals Ltd also did the same after works at a 144,000 b/d unit for about a month, the report showed.

The spike in demand growth was matched by an equally impressive rebound in refinery run rates with independents raising output sharply took take advantage of local fuel floor prices that raised margins significantly, according to the report.

Refinery runs in China are expected to increase to 69.8% of capacity in May, according to preliminary estimates from IHS Markit compared with typical rates of around 77% prior to COVID-19. Operations dropped to 55% in February before recovering to 60% and 68.8% in March and April, respectively, IHS Markit data show.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with theOPIS Asia Naphtha & LPG Report.

Nghi Son Refinery and Petrochemical (NSRP), for example, will not export any spot diesel cargoes in May and June, according to sources with knowledge of the matter.

China placed a lot of its crude arrivals in March and April into storage as domestic refinery runs were hurt by the demand erosion caused by COVID-19. But now, it is one of the first countries to emerge from this pandemic and is chalking up impressive domestic fuel demand recovery, apart from jet fuel.

Despite supply curtailments as US refinery run rates dropped to 70%, toluene supply has been building as the gasoline markets have essentially shunned the commodity chemical as blenders are swarmed with competitive offers for other blendstocks. The US produces about 8,250 mt/day of toluene; gasoline blending accounts for almost 50% of toluene demand.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with theOPIS Asia Naphtha & LPG Report.

"The independents are benefiting the most from this floor price and are running at higher levels than last year," Feng said, adding independents generally return a lesser amount by way of windfall taxes to the government than national oil companies because their ex-refinery prices are typically lower.

Refinery runs in China are expected to increase to at least 67% of capacity in May, according to preliminary estimates from IHS Markit compared with typical rates of around 77% prior to COVID-19. Operations dropped to 55% in February before recovering to 60% and 65% in March and April, respectively, IHS Markit data show.

Aside from China, fuel demand in other major economics such as the United States and Germany are also showing signs of recovery as motorist are allowed to take to the streets, which is being reflected in higher refinery runs.

"China is buying a lot of Brazilian and other Latam crudes and will turn to North Sea next," said one trading source, adding that huge cuts to Russian Urals output on the back of higher European refinery runs should keep flows of this medium-sour grade away from Asia low unlike in end-March/first half April.

Repsol, Spain"s largest refiner, cut jet output without shutting down any refineries, the CEO said in a first quarter earnings call yesterday. In comparison, refinery utilization rate in Spain was 90% in 2019, according to IHSMarkit data.

Repsol shut down the ISOMAX, a hydrocracking unit in Tarragona that produces aviation fuel. It reduced fluid catalytic cracker (FCC) run rates at refineries in Bilbao and Puertollano. The FCC at the Coruna refinery was now shut, Josu Jon Imaz San Miguel said. Maintenance at the Coruna refinery FCC began in January, initially for two and a half months. The unit was still undergoing maintenance by March 30, operating at reduced capacity, according to a Repsol spokesperson at the time.

Planned turnarounds at the Petroineos-operated 210,000-b/d refinery and the Ineos-operated petchems complex, both situated in Grangemouth, Scotland, have been cancelled due to the pandemic, OPIS reported earlier.

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Turkish refiner Tupras is expected by OPIS sources to halt production at its 230,000-b/d Izmir refinery due to weak demand for jet and diesel resulting from the coronavirus disease 2019 (COVID-19) pandemic.

Melbourne-headquartered Viva Energy plans to shut down a residual catalytic cracking unit (RCUU) and other related facilities at its Geelong refinery in Victoria, as reported by IHS Markit OPIS on Monday.

A number of Middle Eastern refineries, such as the 537,000 b/d Ruwais refinery and the 466,000 b/d Mina-al-Ahmadi refinery, currently have units undergoing maintenance.

South Korean refinery runs in March fell to a five-month low as the coronavirus disease 2019 (COVID-19) sent domestic fuel consumption tumbling to a near four-year low.

Hyundai Oilbank (HOB) started on April 15 turnarounds at the 360,000 b/d No. 2 crude distillation unit (CDU) and a 53,000 b/d fluid catalytic cracker (FCC) at the Daesan refinery as scheduled, a source with direct knowledge on the matter said. The maintenance was scheduled to complete on May 7.

China"s crude throughput in March fell as the coronavirus disease 2019 (COVID-19) hurt domestic consumption but refinery runs may rebound next month on post-pandemic demand recovery.

"Refinery runs are expected to increase month-on-month bases with downstream demand showing signs of recovery, although the throughput will still see declines on year-on-year basis," said Sophie Fengli Shi, principal analyst at IHS Markit in Beijing.

Pertamina said in a statement on Saturday that maintenance works at the 260,000 barrels a day (b/d) Balikpapan Refinery and 50,000 b/d Sungai Pakning refinery will be conducted earlier with termination at the crude distillation unit (CDU) alternately, though the company did not provide a specific timeframe.

The Plaju refinery with a 118,000 b/d capacity will cut operating ratios, while the 125,000 b/d Balongan refinery, 348,000 b/d Cilacap refinery and 10,000 b/d Kasim refinery will continue to operate normally, according to the statement.

"Pertamina will begin to reduce the refinery"s operating capacity in stages according to demand conditions. Technically, the decline will also be adjusted to the refinery processing safety limit," said Pertamina Corporate Communication Vice President Fajriyah Usman.

Last week, Pertamina"s chief executive officer Nicke Widyawati said it will reduce runs the Balikpapan refinery this month and may shut the site completely in May, as reported earlier.

IHS Markit also calculates that jet fuel refinery yields have dropped to just 6% nationally -- about as low as they can go, sources tell OPIS. The latest EIA production numbers point to producers lopping 257,000 b/d out of weekly jet output to 872,000 b/d.

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Oil tanks at the 270,000-b/d Fawley refinery are about to be filled, forcing operator ExxonMobil to use vessels for storage purposes, OPIS has been told.

Sources say that three tankers have been chartered by ExxonMobil to store oil products close to the U.K."s largest refinery, which is located on the southern English coast.

Sources told OPIS two weeks ago that the U.K. government insisted to the super major that it must keep the refinery running "at all costs" during the COVID-19 pandemic, even as refining margins for products such as gasoline entered double-digit negative territory.

The British government is holding regular conference calls with the refinery"s manager in order to receive updates about the plant"s status, sources say.

Eighty-five per cent of the refinery"s output is pumped through underground pipelines as far away as London, Birmingham and Bristol. Pipelines connect the refinery to Heathrow and Gatwick airports.

Heavy maintenance work at the Petroineos-operated 210,000-b/d Grangemouth refinery has been postponed, while sources say that the April-June turnaround scheduled for the Phillips 66-operated 205,000-b/d Immingham refinery has been pushed back to September.

Propylene demand suffered similar issues and supply rose on higher output from fluid catalytic cracking (FCC) units amid rising refinery run rates in Shandong and increased supply from on-purpose production units, according to the report.

Gain greater transparency into Asia-Pacific markets for more strategic buy and sell decisions on refinery feedstocks, LPG and gasoline with theOPIS Asia Naphtha & LPG Report.

ExxonMobil"s Fawley refinery FAST project, the largest upgrade to a British refinery in decades, will be subject to a company review scheduled for the end of the third quarter, sources have told OPIS.

The company told investors last month that it is pausing to review its rate of expenditure at the $1.5bn Fawley Strategy (FAST) project, which will boost diesel output at the 270,000-b/d refinery by 38,000-b/d, or 45%.

Asked to confirm that a review of FAST is scheduled six months from now, a spokesman for ExxonMobil said: "To optimise the investment and ensure that it delivers the best possible value, we are reviewing the rate of expenditure on the FAST project through 2020. We remain committed to enhancing the long-term competitiveness of the Fawley refinery."

OPIS first revealed that ExxonMobil planned to extend the Fawley plant, Britain"s largest refinery, in October 2017. Other media outlets reported the plan 11 months later, when the refinery"s manager was interviewed in the Financial Times.

The 270,000-b/d refinery has cut runs in recent weeks by at least 70,000 b/d, sources say, coinciding with a crash in refining margins courtesy of the COVID-19 coronavirus outbreak.

OPIS has learned that construction of a new 350-million pound combined heat and power plant at the Grangemouth refinery complex in Scotland has also been postponed amid uncertainty about the medium-term effect of the global pandemic.

Crude imports in the coming months are likely to fall further as refinery maintenance works and sluggish demand lead to bigger throughout reductions, an industry analyst based in Seoul said.

Hyundai Oilbank (HOB) plans to conduct turnarounds at the No. 2 360,000 b/d CDU a 53,000 b/d fluid catalytic cracker (FCC) at the Daesan refinery from April 15 to May 7, as reported earlier.

--The major turnaround at the Shell-operated 404,000-b/d Pernis refinery in Netherlands, Europe"s largest plant, has been brought forward and will begin on April 13, OPIS reported on March 30. The turnaround will take longer than previously expected because of the pandemic necessitating social distancing measures, OPIS sources say.

--Major works due to take place in April at the 210,000-b/d Grangemouth refinery in Scotland and construction of a new 350 million-pound power plant have been postponed. At least one unit is heard offline.

--The U.K."s largest oil refinery, the 270,000-b/d Fawley plant, has cut runs but remains online after discussions between operator ExxonMobil and British government officials. ExxonMobil cut refinery runs at Fawley by around 70,000-b/d at the beginning of the week after taking the Pipestil 1 unit offline. Fawley is a critical part of the U.K."s energy infrastructure because of its links to the nation"s largest cities and airports. Eighty-five percent of the refinery"s output is pumped through underground pipelines as far away as London, Birmingham and Bristol. Pipelines connect the refinery to Heathrow and Gatwick airports. Diesel represents 29% of the refinery"s output, while gasoline, jet and petrochemical feedstocks make up 28%, 11% and 9% of output.

--A planned turnaround at Total"s 100,000-b/d Feyzin refinery was stopped around March 20. Total said in an internal letter that it was "impossible" to say when the works would resume. The maintenance at the refinery started on Feb. 14 and was expected to last seven weeks, Total had previously confirmed. The French major previously allocated 80 million euros for the works.

--ExxonMobil said on March 20 that it was cutting runs at its two French refineries, the 133,000-b/d Fos-sur-Mer plant and the 239,000-b/d Port Jerome refinery.

--On Monday, March 23, local media reported that Total was delaying bringing the 120,000-b/d Grandpuits refinery back online following a planned month-long maintenance due to plummeting demand.

--The fluid catalytic cracker (FCC) at Repsol"s 120,000-b/d Coruna refinery in Spain began maintenance in January for two and a half months and is still in maintenance, a Repsol spokesperson told OPIS on March 30, adding that the refinery is operating at a reduced capacity. Sources reported that other Repsol plants are affected. Repsol has five refineries in Spain -- the Coruna, Puertollano (157,000 b/d), Tarragona (160,000 b/d), Petronor (220,000 b/d) and Cartagena (220,000 b/d) refineries.

--Finland"s Neste said on Monday, March 23 that it would delay the major scheduled turnaround at its 206,000-b/d Porvoo refinery and would do only the most business-critical maintenance works planned for April- June.

--Ralf Schairer, head of the 320,000-b/d Miro refinery in Karlsruhe, Germany, told local media on Tuesday, March 24 that fuel sales from the facility in April are likely to be up to 50% lower than in previous years. Schairer also estimated that the facility needs to cut staffing levels in half to minimize the risk of infection.

OPIS estimates the amount of FCC capacity down as of today due to run cuts is a little less than 400,000 b/d, according to Refinery Maintenance Report data.

Just how much more FCC capacity and overall refinery processing will slow is difficult to predict, but recent forecasts and indicators suggest that a rough halving of U.S. gasoline consumption is not out of the question.

Regional sales data showed deeper declines for the West (including California and Washington) at almost 30% year on year, and for the Northeast at 26.4%, where a number of refinery run cuts have been reported. Gasoline sales declines in the country"s interior were a little lighter: 24% year on year in the four-state Southwest region and 23.2% in the Midcontinent.

As for full-plant temporary shutdowns due to COVID-19, North America has its first in North Atlantic Refining Ltd."s 130,000-b/d Come by Chance refinery in Newfoundland. The refinery, which supplies cargoes of gasoline and diesel to the U.S. East Coast and sells distillate to European buyers, will maintain a reduced staffing crew on site to maintain equipment.

As reported by OPIS on Monday, earlier in March Come by Chance adjusted yields so that it wasn"t manufacturing significant amounts of jet fuel. The refinery doesn"t have an FCC.

Within the oil refining sector, such quick decisions were seen throughout the supply chain. In the case of China, as the industry got to grips with the speed and scale of demand destruction, actions came thick and fast including deferral and cancellation of crude oil purchases, overseas sales of surplus oil products and tweaking refinery slates to minimize output of worst hit fuels.

The U.K."s largest oil refinery, the 270,000-b/d Fawley plant, has cut runs but remains online after discussions between operator ExxonMobil and British government officials, OPIS can reveal.

Fawley refinery managers told workers at the refinery that officials representing the U.K. government have emphasized the need for the country to maintain continued supply of transportation products during the coronavirus disease 2019 (COVID-19) pandemic.

Eighty-five per cent of the refinery"s output is pumped through underground pipelines as far away as London, Birmingham and Bristol. Pipelines connect the refinery to Heathrow and Gatwick airports.

ExxonMobil said on Friday that its 260,000-b/d Port Jerome Gravenchon refinery and its 140,000-b/d Fos-sur-Mer plant in France was going to reduce production.

Adrien Cornet, a CGT union member representing refinery workers, complained last week in a press release that French refiner Total was putting workers" lives at risk by making them work at the facility during the COVID-19 coronavirus outbreak.

On Monday, French media reported that Total was delaying the startup of its 120,000-b/d Grandpuits refinery following planned month-long maintenance due to plummeting demand.

A spokesperson for the German Petroleum Industry (MWV) said he was unable to confirm refinery run cuts in Germany, as the industry body receives data from refiners with a six-week lag.

Ralf Schairer, head of Germany"s largest refinery, the 320,000-b/d Miro facility in Karlsruhe, told local media that fuel sales from the facility in April are likely to be up to 50% lower than in previous years. Schairer also estimated that the facility needs to cut staff levels by a half to minimize the risk of infection.

For now, the energy sector is bracing for multiple disruptions including demand destruction, refinery run cuts, shipping delays and downstream closures if events in China were replicated, they said.

Major turnaround work due to take place next month at the 210,000-b/d Grangemouth refinery in Scotland and construction of a new 350 million-pound power plant have been postponed amid the coronavirus disease 2019 (COVID-19) outbreak, OPIS has learned.

The turnaround at Train 3 of the Ineos-operated Forties Pipeline System, which brings North Sea crude to the refinery, has also been shelved until later in the year.

The maintenance on the train was due to last up to 12 weeks and begin on March 29. OPIS revealed earlier this year that turnaround work at the refinery and petchems plant at Grangemouth would begin at the start of April.

"The new power station has been put back," a source told OPIS, referring to a plan to build a 350 million-pound project to replace the refinery"s 40-year-old power plant. The source suggested that the current economic turmoil caused by the COVID-19 outbreak was responsible for the postponement.

The energy company"s refinery utilization rate of 90% previously given for first-quarter guidance is now looking more like a number in the low to mid-80s, said Jeff Dietert, head of investor relations, in a Tuesday conference call with equity analysts.

"MPC"s refinery and marketing teams work together to continuously monitor market conditions and adjust our crude oil acquisition, refining run rates, logistics systems and marketing," a Marathon representative told OPIS via email. "As the unique market conditions associated with the extraordinary global effort to combat COVID-19 evolve, we are optimizing our system accordingly."

Marathon operates the largest West Coast refinery, a 363,000-b/d Los Angeles plant, as well as a 161,500-b/d refinery in Martinez, Calif., in Northern California.

Finland"s Neste said on Monday that it would delay the scheduled turnaround at its refinery in Porvoo and would do only the most business-critical maintenance works planned for April- June.

In a conference call with reporters Thursday, RFA President and CEO Geoff Cooper said that even before the coronavirus began to "roil" the U.S. economy, the ethanol industry had experienced demand reductions and "challenging economics" because of the administration"s expanded use of small refinery exemptions (SREs) from Renewable Fuel Standard (RFS) compliance, the loss of a major export market due to the U.S.-China trade dispute and the sharp decline in crude prices after OPEC and Russia failed to agree on production cuts.

Hyundai Oilbank (HOB) will shut a 53,000 b/d fluid catalytic cracker (FCC) for scheduled turnaround at the same time as the No. 2 360,000 b/d CDU at the Daesan refinery, according to industry sources.

JXTG Nippon Oil & Energy Corp. plans to take a 65,000 b/d CDU at the Kawasaki refinery off-line for about three months from mid-March to late June for scheduled turnaround, as reported earlier.

Ultra-low-sulfur diesel (ULSD) prices continue to hold up better than gasoline (April futures settled at $1.0466/gal) and have lent support to the much-watched WTI 3-2-1 crack spread ($5.27/bbl based on today"s settlements), but the unprecedented demand destruction seen for gasoline, jet fuel and diesel has fuel market participants and analysts alike expecting refinery run cuts as inevitable.

No refinery curtailments have been announced but market participants say the potential exists for temporary closures of some smaller plants or small-percentage run cuts across some companies" multi-refinery systems.

rongsheng refinery pricelist

Crude Oil market in the North American region experienced the severe downfall in supplies as extreme freeze weather conditions in Texas and nearby of US Gulf coast area, resulting in regional production cuts by the Crude Oil extractors. The demand showed mixed sentiments due to the shutdown of major US Gulf Coast based refineries including those of Dow Chemicals, ExxonMobil, and force majeures on various downstream petrochemical units in mid-February. Motiva Enterprises announced to shut its 607,000 bpd Port Arthur, Texas, refinery, the largest in the United States after Valero Energy Corp and Total SE declared to shut their 335,000 and 225,000 bpd plants in Texas, due to the cold snap. Colonial Pipeline Co, the largest oil products pipeline in the US, reported no significant impact due to storm in its operations. Storm effects stalled energy distribution hampered sending ripples to the price. WTI Crude jumped to USD 66 per barrel on 11th March, to its several months high in a single day.

The crude oil market remained resolutely high in the APAC region, amidst major consumers seeking more barrels with the demand turning robust as various downstream industries restarted again after a turnaround. Refiners maintained their key focus on the Chinese and Indian spot demand as operations ramp up turning fuel demand high. Indian Oil Corp. (IOCL) issued a tender in mid-March seeking sweet crude from West Africa and other regions while China"s Rongsheng closed a buy tender for purchase of nearly 3 million barrels of crude from Oman, Murban crude and Upper Zakum in mid-March. Crude futures rose as OPEC+ supplies remained tight with demand expected to increase as global economic activity picks up.

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Rongsheng Petrochemical (brand value up 43% to US$2.3 billion) achieved very strong growth this year, rising two places in the chemicals ranking and jumpingfrom 10th to 8th place amongst global chemicals brands. The Chinese brand owns various globally significant facilities, including an integrated refining-petrochemical complex with the refining capacity of 40 million tons per annum.

rongsheng refinery pricelist

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RM2CXEFJ0–A view of the Rongsheng Heavy Industries shipyard is seen in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RM2CWMP5X–A vacant dormitory is seen at the Rongsheng community in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RM2D0PB6A–A closed police station is seen at the Rongsheng community in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY CRIME LAW)

RM2CYH4T9–Workers ride a motorcycle past closed restaurants at the Rongsheng community in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RM2CY7A2X–A worker rides a motorcycle on an empty street at the Rongsheng community in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RM2D01WH0–A worker rides a bicycle inside of the Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RM2CXAAER–Workers ride motorcycles and bicycle after their shifts at an entrance of the Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RM2CPCTB1–Vice Chairman and Managing Director Anil Ambani, of Reliance industries, speaks during a news conference in Bombay July 27, 2004. India"s Reliance Industries Ltd., operator of the world"s third-largest refinery, said on Tuesday its quarterly profit jumped 30 percent, slightly above expectations, as prices of fuels and petrochemicals surged. REUTERS/Punit Paranjpe

RM2D2T621–Reliance Industries Ltd Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe PP/TY

RM2D1C2F7–Reliance Industries Ltd Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe PP/TY

RM2D30YEB–Reliance Industries Ltd. Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe PP/TY

RM2E7R3JN–Reliance Industries Ltd Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe PP/TY

RM2D14XTJ–Reliance Industries Ltd Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe PP/TY

RM2D2TKCM–Anil Ambani, younger brother of Reliance Industries Chairman Mukesh Ambani, gives a speech to shareholders in Bombay. Anil Ambani, the younger brother of Reliance Industries Chairman Mukesh Ambani, gives a speech to shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe

Rongsheng Petro Chemical Co, Ltd. specialises in the production and marketing of petrochemical and chemical fibres. Products include PTA yarns, fully drawn polyester yarns (FDY), pre-oriented polyester yarns (POY), polyester textured drawn yarns (DTY), polyester filaments and polyethylene terephthalate (PET) slivers.

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