OREANDA-NEWS. March 22, 2011. PetroChina Co., the nation’s second-largest refiner, plans to cut daily oil processing at its Dalian plant by 10 percent this month because of refining losses, said an official at the refinery.

The plant, PetroChina’s biggest, will refine 1.55 million metric tons of crude in March, or about 366,500 barrels a day, compared with 408,386 barrels a day in February, the official said by telephone from Dalian. The refinery has a daily processing capacity of 410,000 barrels.
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PetroChina isn’t making any refining profit at its plants as the breakeven crude price is USD 90 a barrel, Chairman Jiang Jiemin said on March 5. Oil futures dropped 1.9 percent to USD 99.23 a barrel in electronic trading in New York as of 3:08 p.m. Singapore time.