CNPC increases fuel shipment target from northeast to south for September
Shanghai. September 16. INTERFAX-CHINA - China National Petroleum Corp. (CNPC), the country's largest crude oil producer, raised its September target for fuel shipments from its northeastern refineries to southern China, a domestic oil information portal reported on Sept. 15.
CNPC aims to lift this month's shipping volume from the northeast to the south by 5.40 percent over that of August to 1.54 million tons, representing an increase of 131.48 percent year-on-year, according to C1 Energy.
The company intends to sell 906,000 tons of diesel produced by its northeastern Chinese refineries in southern China this month, an increase of 8.36 percent over last month. Meanwhile, it boosted its gasoline shipment target by 1.44 percent month-on-month to 633,400 tons.
China's oil companies have been building up inventory in northeastern China over the last few months as there wasn't enough demand in August to consume all of July's output, Shao Xiaotian, an oil analyst with Pec365, told Interfax.
According to the National Bureau of Statistics, China processed 33.11 million tons of crude oil in July and 32.56 million tons in August, representing year-on-year increases of 8.3 percent and 9 percent, respectively.