China Petroleum & Chemical Corp (Sinopec) has brought down the crude output of its Yangzi oil refinery in the eastern Jiangsu province, China, to cut refining losses and cope with weaker demand.
The plant will process about 600,000t of crude this month, equivalent to 141,000 barrels a day, which is below June’s output, according to Reuters.
The plant’s refining business is incurring losses due to weak demand for petrol, diesel and chemical products.
The Yangzi plant has a designed capacity of eight million tonnes a year.
