BEIJING: China’s Sinopec Corp said today its refineries cut production by around 7.6 percentage points on an annualised basis in the first quarter (Q1) of 2026, with utilisation rates averaging around 83%.
“Formerly known as China Petroleum & Chemical Corp, Sinopec’s ethylene utilisation rate stood at 89% in Q1, 1.5 percentage points lower year on year,” a company executive said.
“China’s ethylene consumption is forecast to rise 2.7% in 2026 and remain under pressure due to surging feedstock costs during the Iran war,” the executive added.
“Sinopec’s Q1 liquefied natural gas import business incurred an ¥830 million (US$121.46 million) loss due to reduced supplies under term supplies and higher spot imports,” the executive said.