China's refiners book $ 290 mm losses over Jan-Aug 2011

China's refiners recorded a cumulative loss of yuan 1.84 bn ($ 289.7 mm) over January-August, according to data reported by the country's economic planning agency, the National Development and Reform Commission.
"The refining industry started making losses in May, with losses reaching the year's high in June, but losses in July and August eased," the agency said in a report. Losses narrowed in July and August after global crude oil prices declined, it said.

The growth in refinery throughput in the third quarter was enough to meet the rate of increase in demand of refined products during the three-month period, the NDRC said.
"Consumer demand for refined products was basically met, although there was tight supply of diesel in some areas," it said.

According to a research report by Mirae Asset Securities, depressed refining margins in China have triggered worse-than-expected diesel shortages in October.
In an earlier report, Mirae said Chinese refiners lose an average of $ 6.50 for every barrel of imported crude oil that is processed into gasoline or diesel. Mirae expects refining losses in China to widen in the fourth quarter.