Sinopec promises trying utmost to satisfy oil demand

Refineries of Sinopec, mostly belonging to Sinopec Corp. (NYSE: SNP), are running at full loads to produce as oil product as much as possible to satisfy domestic product oil demand, said spokesman of Sinopec.

Sinopec Group processes 460,000 tons of crude oil every day, which is at the upper end of the company's refining capacity, the spokesman said.

The company processed at most 430,000 tons of crude oil per day at the same period of 2006.

China is suffering a sort of oil supply shortage due to lopsided crude-product prices.

As the country's largest refiner, Sinopec claims that it has been cutting product export gradually since June.

It is believed that the announcement is a response to China's Aug.4 notice issued by National Development and Reform Commission that requires Sinopec and CNPC to ensure domestic product oil demand.