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Oil giants to expand refined oil supplies in June

(Xinhua)
Updated: 2008-06-13 19:15

PetroChina and Sinopec, China's two leading oil producers, on Friday revealed plans to increase the production and import of refined oil products in June, to ensure supply for wheat reaping and quake relief efforts.

PetroChina said it would keep its operation at full steam this month to jack up its oil processing by 6 percent over last month. The oil group would also import 600,000 tons of oil products.

Sinopec, Asia's largest oil refiner, will cut its ethylene production by 65,000 tons, or 11 percent of its monthly production capacity, in June to expand oil product supplies by 200,000 tons. It will also reduce arene production to raise oil products supplies.

Sinopec has decided to buy 1 million tons of oil products from abroad in June, doubling its original monthly import target.

Sinopec president Wang Tianpu said measures, such as expanding processing, adjusting product mix and suspending exports, would be taken to ensure refined oil supplies for the disaster relief, wheat reaping and the coming Olympics.