Sinopec forecasts a rise in production

BEIJING, Dec. 26 — 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 refined oil supplier acts to counter a fuel shortage.

The amount represents an increment of 500,000 tons over its original fourth-quarter plan, according to China Petrochemical News, a newspaper of Sinopec’s state-owned parent, China Petrochemical Corp.


This also surpasses the 42.38 million tons estimation made early this month.

China has suffered a diesel shortage in October and November due to soaring crude prices and capped domestic pump prices for refined oil products. Domestic refineries had cut production to stem losses from the yawning price gap.

Xinhua