Sinopec Group gears up output on fuel supply shortage
China Petrochemical Corp (Sinopec Group), parent company of Sinopec Corp<600028><386>
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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