CNPC to raise refined oil output by 3% in Q3
China National Petroleum Corp (CNPC), the parent company of the country’s largest oil maker PetroChina, has decided to raise its refined oil products output in the third quarter, according to sources.
CNPC will process 880,000 tons, or about 3% more crude oil in the third quarter of 2008, compared with the same period last year.
The output of refined oil in the third quarter is expected to increase by 580,000 tons, 3.3% higher than the 17.6 million tons in the same period of last year.
In June, CNPC processed about 6% more crude oil than in May.
“We’ll focus on meeting the demand for quake recovery work, farm production, Olympics, major projects and public utilities,” the company was quoted as saying.
Rising crude oil prices have resulted in some Chinese refineries suffering losses. Some of them are not willing to increase output because of state-controlled prices of end products, which are below cost.
On Jun.27, the Chinese government increased domestic prices of gasoline and diesel by 17% to 18%, which was the first adjustment since November 2007, to ease the supply pressure.
China National Petroleum Corp announced it has no plans to export refined oil products, while imports will be increased and may hit a new record high this year.
Tags: CNPC, crude-oil, output, PetroChina, Petroleum