Sinopec to import gas to meet demand
13 September 2007
China Petroleum and Chemical Corporation (Sinopec) has announced plans to import 60,000 metric tons of gasoline in September to ease an oil-product shortage, Economic Observer reported (in Chinese). The move will cost Sinopec an extra US$4 million, as imported gasoline, including insurance and freight, costs US$66 more than domestic gas per metric ton. China has faced a domestic gasoline supply crunch this summer. China National Petroleum Corporation, another major oil suppler, said it will import 30,000 tons of diesel oil to meet demand in the east China market. Analysts expect demand will continue to rise during the harvest season and the coming "golden week" holiday in early October.