|
China's key oil producers may suspend gasoline exports
2007-08-31
Two of China's largest oil producers may suspend gasoline exports in September to guarantee domestic supply amid surging international crude prices, state media reported Friday. Sinopec and China National Petroleum Corp, the parent of PetroChina, slashed gasoline exports to less than 100,000 tonnes in August and will continue to do so, or even suspend the export, next month, the China Securities Journal said. The domestic supply of refined oil has been affected by the international crude price surge since June, peaking at 78 dollars per barrel at one point, worsening losses of Chinese refineries and causing some small ones to close down, it said. In July, Sinopec and CNPC submitted applications to the government for raising refined oil prices. But the plan was rebuffed amid growing public concerns on the country's rising inflation. Earlier this month, the government required the two firms to tightly control their refined oil exports to guarantee supply at home and strictly conform with the official price policy to keep the price stable, the newspaper said. China's fast economic boom has sharply driven up the country's oil demand and has made it more sensitive to international price changes. In 2006, China's net oil imports reached 162.9 million tonnes, up 19.6 percent over the previous year, while imports accounted for 47 percent of the country's total oil consumption.
| 
