BEIJING: China’s Sinopec Corp said on Wednesday its refineries cut production by around 7.6 percentage points on an annualised basis in the first quarter of 2026, with utilisation rates averaging around 83 per cent.
Formerly known as China Petroleum & Chemical Corp, Sinopec’s ethylene utilisation rate stood at 89 per cent in the first quarter, 1.5 percentage points lower year on year, a company executive said.
China’s ethylene consumption is forecast to rise 2.7 per cent in 2026 and remain under pressure due to surging feedstock costs during the Iran war, the executive added.
Sinopec’s first-quarter liquefied natural gas import business incurred an 830 million yuan (US$121.46 million) loss due to reduced supplies under term supplies and higher spot imports, the executive said.