Thursday, May 29, 2008

Sinopec, CNPC: Oil products storage sufficient in Shanghai

China Petroleum & Chemical Corp (Sinopec) and China National Petroleum Corp (CNPC) made a joint announcement on May. 27 that oil products storage was sufficient in Shanghai.

Although the long queues waiting for fueling have caused traffic jam in Shanghai, oil products storage of Sinopec and CNPC remains above the safety line. Meanwhile, several measures have been adopted to guarantee the stable supply on the diesel oil market.

As of May 27, Sinopec and CNPC had a combined oil storage capacity of 111,400 tons in Shanghai, including 53,700 tons of gasoline and 57,700 tons of diesel oil, which is above the safety line. Both the two oil titans have gained enough sources to ensure the diesel supply in Shanghai next month, so diesel shortage in the city is expected to be eased in June.

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