Asia”s top refiner Sinopec boosts crude oil output, refining

By KUNA

Tokyo : Asia’s largest oil refiner China Petroleum and Chemical Corporation (Sinopec) has increased its crude oil output to 291.67 million barrels last year, up 2.27 percent from 2006, state-run Xinhua News Agency said Monday.


Support TwoCircles

It added that Sinopec had also processed 155.58 million tons of crude in 2007, a year-on-year increase of 6.33 percent. Sinopec produced 283 billion cubic feet of natural gas in 2007, up 10.33 percent. Listed in Hong Kong, New York, London and Shanghai, Sinopec is the biggest oil producers in China.

Meanwhile, Vice Premier Zeng Peiyan said that the Chinese petroleum and petrochemical industries should raise output and boost oil and gas exploration in order to guarantee adequate supplies and national energy security. Zeng made the remarks on Sunday after hearing annual reports from China’s major oil and electricity producers including Sinopec, according to the news agency.

China, the world’s second-largest energy consumer after the US, has suffered a diesel shortage recently due to soaring crude oil prices and capped domestic pump prices for refined oil products. Domestic refineries had cut production to stem losses from the yawning price gap. In November, the government raised fuel prices by about 10 percent amid shortages after major refiners allegedly withheld supplies due to low government-set prices. The government ordered earlier this month prices of refined oil, natural gas and electricity should not be adjusted “in the near future.”

SUPPORT TWOCIRCLES HELP SUPPORT INDEPENDENT AND NON-PROFIT MEDIA. DONATE HERE