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Refining, Gas Processing and Petrochemical
Business Magazine
Hydrocarbon Asia OnLine Oil & Gas News...
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Sinopec forecasts a rise in production Posted Friday, December 28, 2007 - 10:23 by hydrocarbonasia
Sinopec Corp. said it expects to process 42.5 million tons of crude oil in the final quarter this year, up, 7.5 percent from the third quarter., as China’s largest oil refiner acts to counter a fuel shortage.
The amount represents an increment of 500,000tons over its original fourth-quarter plan, according to Sinopec.
This also surpasses the 42.38 million tons made early this month. China has suffered a diesel shortage in October and November due to soaring crude prices and capped domestic prices for refined oil products. Domestic refineries had cut production to stem losses from the yawning price gap.
The National Development and Reform Commission has since asked state refineries to increase processing volumes and raised domestic fuel prices by as much as 19 percent at the start of November.
Sinopec said yesterday that the supply condition was basically back to normal, with increasing oil processing and imports.
The top Asian refiner said it processed 980,000 tons more crude last month from a year earlier, a record on a daily basis.
Sinopec also said it imported 287,000 tons of diesel in November and expected to import 423,000 tons this month.
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