Sinopec, PetroChina may stop refined oil imports

State-owned oil companies are likely to stop imports of refined oil products due to overflowing stockpiles, the Financial Times reported. China Petroleum and Chemical Corp (Sinopec) and PetroChina have been importing large amounts of diesel since November last year to support refining margins due to tax rebates on imported refined products, and to avoid shortages during the Olympics, but it is thought that imports have not reflected end demand. Diesel imports reached a high of 960,000 tons in June, but most of the imported fuel went into stockpiles rather than being sold to end users. A slowdown in Chinese imports is expected to put pressure on refining margins around Asia.