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Refiners running at full capacity to ease diesel shortage
By Richard Fu |
November 5, 2010, Friday
|
Online Edition
Online Edition
CHINA'S two State-owned oil refiners are boosting crude processing to record levels as the nation battles a diesel shortage in some regions amid higher-than-expected demand.
Seasonal consumption is being triggered by farmers and fishermen. Exceptional demand comes after government power restriction on the industrial sector -- a move to meet national energy efficiency targets -- prompting some factories to use their captive diesel generators, analysts said.
Sinopec, China's largest refiner, said yesterday it plans to increase oil processing 9.9 percent to 583,000 tons a day this month from a year earlier, exceeding the October record by 5,900 tons a day. It will reward units that beat their diesel production targets. It's also limiting kerosene output to spare capacity for diesel and has arranged immediate imports of 200,000 tons of diesel to regions suffering tight supplies.
Rival China National Petroleum Corp said today it will continue processing crude at a record high level -- 400,000 tons a day reached on Wednesday-- for the remainder of the month.
CNPC plans to expand daily diesel output to 168,000 tons in November from 158,000 tons in October.
Sinopec said it's "sparing no effort" to ensure market supplies while CNPC called the measures to boost diesel production both a "political responsibility" and "social responsibility."
Seasonal consumption is being triggered by farmers and fishermen. Exceptional demand comes after government power restriction on the industrial sector -- a move to meet national energy efficiency targets -- prompting some factories to use their captive diesel generators, analysts said.
Sinopec, China's largest refiner, said yesterday it plans to increase oil processing 9.9 percent to 583,000 tons a day this month from a year earlier, exceeding the October record by 5,900 tons a day. It will reward units that beat their diesel production targets. It's also limiting kerosene output to spare capacity for diesel and has arranged immediate imports of 200,000 tons of diesel to regions suffering tight supplies.
Rival China National Petroleum Corp said today it will continue processing crude at a record high level -- 400,000 tons a day reached on Wednesday-- for the remainder of the month.
CNPC plans to expand daily diesel output to 168,000 tons in November from 158,000 tons in October.
Sinopec said it's "sparing no effort" to ensure market supplies while CNPC called the measures to boost diesel production both a "political responsibility" and "social responsibility."
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