China oil and gas：Refining margins improve with lower feedstock cost.pdf China oil and gas：Refining margins improve with lower feedstock cost.pdf.pdf

Asia Pacific Equity Research 09 May 2013 China oil and gas Refining margins improve with lower feedstock costs and higher product prices  Fuel prices adjusted according to amended pricing mechanism: The Oil, Gas and Petrochemicals NDRC is raising gasoline and diesel after the 10-day period is met since AC Sophie Tan the price cut on 25 April. Gasoline and diesel prices will increase by (852) 2800 8531 Rmb95/ton and add US$1/bbl to our theoretical GRMs. The cut in late sophie.lm.tan@ April had reduced margins by US$4/bbl. Crude oil feedstock costs for Samuel Lee, CFA AC May fell US$5/bbl M/M and theoretical GRM losses narrowed to US$1- (852) 2800-8536 2/bbl. samuel.sw.lee@ J.P. Morgan Securities (Asia Pacific) Limited  Crude oil import cost fell in April: The average import cost declined US$5/bbl M/M to US$106/bbl for April, lowering the feedstock costs for refinery throughput in May. Our theoretical breakeven crude cost for Chinese theoretical GRMs - US$/bbl Chinese refiners at these product price levels fell US$3/bbl M/M to 15 150 US$104/bbl. The official