The average utilization rate of China’s independent refineries in the Shandong province stood at around 70.4% in 2020, up by about six percentage points from the 64.2% in 2019, according to S&P Global Platts calculations based on JLC data Jan. 11. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The substantial increase was attributed to the strong rebound after average runs hit a multi-month low of 43.8% in February, when most of the country was under lockdown to prevent the widespread of COVID-19. After which, run rates leaped to a record high 79% in June amid good refining margins due to low crude oil prices. The refiners kept their throughput high in order to digest the heavy arrival of cheap crude. The refineries ended the year with an average operating run rate of 73%, down from 76% in November, as several refineries reduced […]