Friday, May 09, 2008

Singapore buys 30,000 tons of reformate from Sinopec Hainan

Sinopec Hainan Petrochemical Co, a refining unit of China Petroleum and Chemical Corp (Sinopec), inked an agreement with Singapore to sell three cargoes of reformate oil to the latter through the Chinese oil trader China International United Petroleum and Chemical Corp (Unipec).

Unipec, the nation's largest oil trader, is shipping the three cargoes of reformate totalling about 30,000 metric tons, to Singapore from March to May, according to sources close to the situation.
The refining plant unit, located in South China's Hainan province, may export reformate in the next few months once gains the permission from its parent CPCC.

Sinopec Hainan, which has produced more than 9 million tons of processed oil last year, is keen on developing its new gasoline resource industry so as to boost its profit, according to the company.

Reformate sales is gloomy in domestic markets because of its low profitability for making gasoline.

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