OREANDA-NEWS. November 02, 2011. China's oil refining industry lost 1.84 billion yuan (USD 289 million) from January to August, the National Development and Reform Commission said. With a fall in crude oil prices, refiners' losses narrowed in July and August after widening to the highest level this year in June, the commission said. It did not provide figures for August.

The commission said last month that Chinese refiners lost 4.8 billion yuan in July alone.

The refining industry started losing money in May, according to the commission.

In general, the growth of domestic crude oil throughput matched the increase in oil demand in the third quarter, although diesel supply was tight in some regions, it said, without giving details.

China petroleum & Chemical Corp (Sinopec) , the largest refiner in Asia, said its domestic diesel stocks had fallen to less than 10 days of sales and the top Chinese refiner planned to raise crude throughput to record rates in November to replenish inventories as demand remained strong.

In a separate report, the NDRC said it expected ethylene output to hit a record high of more than 15 million tonnes this year.