Refiners to boost crude processing
By Fu Chenghao |
November 6, 2010, Saturday
|
Print Edition
Print Edition
CHINA'S two state oil refiners are boosting crude processing to record levels as the nation battles a diesel shortage in some regions amid higher-than-expected demand.
Farmers and fishermen have triggered seasonal consumption while demand has also surged after the government restricted power in the industrial sector as part of a move to meet national energy efficiency targets. But the curb prompted some factories to use their captive diesel generators, analysts said.
Sinopec, China's largest refiner, on Thursday said it plans to increase oil processing 9.9 percent to 583,000 tons a day this month from a year earlier, exceeding October's record by 5,900 tons a day. Sinopec is also limiting kerosene output to spare capacity for diesel and has arranged imports of 200,000 tons of diesel to regions with tight supplies.
Rival China National Petroleum Corp yesterday said 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 is "sparing no efforts" to ensure market supplies while CNPC called its measures a "political responsibility" and a "social responsibility," according to separate company newsletters.
Farmers and fishermen have triggered seasonal consumption while demand has also surged after the government restricted power in the industrial sector as part of a move to meet national energy efficiency targets. But the curb prompted some factories to use their captive diesel generators, analysts said.
Sinopec, China's largest refiner, on Thursday said it plans to increase oil processing 9.9 percent to 583,000 tons a day this month from a year earlier, exceeding October's record by 5,900 tons a day. Sinopec is also limiting kerosene output to spare capacity for diesel and has arranged imports of 200,000 tons of diesel to regions with tight supplies.
Rival China National Petroleum Corp yesterday said 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 is "sparing no efforts" to ensure market supplies while CNPC called its measures a "political responsibility" and a "social responsibility," according to separate company newsletters.
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