China's Refineries Experiencing Negative GRMs

Declining demand and a weakening economy in China has meant that demand for oil products has declined. Refinery utilization rates have declined and the gross refinery margins (GRMs) are pulled down by the sluggish economy.

Major refineries like PetroChina Company Limited (ADR) (NYSE:PTR) (SHA:601857) and China Petroleum & Chemical Corp (ADR) (NYSE:SNP) (HKG:0386) (Sinopec) have been suffering the impact of declining margins. Throughout 2011 and 2012 . . .


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