Thursday, March 27, 2008

Sinopec Group gears up output on fuel supply shortage

China Petrochemical Corp (Sinopec Group), parent company of Sinopec Corp<600028><386>, is gearing up the output of gasoline and diesel, in a bid to satisfy the surging demand for oil products in the world's fastest growing major economy.

Sinopec has reduced the output of aromatic hydrocarbon, a basic petrochemical, while shifted to produce more gasoline in a refinery based in Zhenhai, the Group said in a statement on its website.

The company will increase the rationing of refined oil in Guangzhou Province due to severe shortage. It plans to distribute a combined 1.25 million tons of gasoline and diesel this month to the province, up 21.7% over February.

Domestic stocks for oil products have risen 28% from the beginning of the year, while diesel stocks increased 46%, a fairly high level compared with those in the same period over recent years, according to the National Development and Reform Commission.

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