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Sinopec halts fuel exports on shortage as refiners make loss

April 20/2011

(Bloomberg) -- China Petrochemical Corp., Asias biggest oil refiner, halted fuel exports to ensure domestic supply as high crude costs and retail price caps cause private refiners to cut back on production.


Sinopec Group, as the company is known, stopped exporting to other regions apart from sustaining the basic resource needs of Hong Kong and Macau, it said in its online newsletter. The Beijing-based company will run its refineries at full capacity and cut petrochemical production to boost output of gasoline and diesel for domestic use, it said.


Chinas fuel inventories fell last month as consumption rose to a record on demand for travel, manufacturing and spring planting. Retail fuel prices increased an average 10 percent this year, according to Bloomberg calculations, while global crude oil climbed 17 percent.


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