Independent refineries in Shandong Province run at 44.3% on average Thursday, slightly up 0.3 percentage point from one week ago, 6.3 percentage points higher than a year earlier, a survey found.

Market sources ascribed the slim rise to better refining margins on high product sales revenues and lower feedstock costs.

As reported earlier, refining margin of domestic Shengli crude for Shandong independent refineries inched up Yuan 8/mt to Yuan 450/mt and that of straight-run fuel oil improved Yuan 63/mt to minus Yuan 104/mt.

As of Sep 2, a total of 25 independent refineries were in operation in Shandong, feedstock throughput of which added up to 67,000mt daily, inching up 400mt on week.

A survey involves in 29 independent refineries, with annual oil refining capacities aggregating 55.25-mil mt, accounting for 86% of the total topping refineries of Shandong independent refineries.