CNPC raises August fuel sales target in eastern China
Shanghai. August 6. INTERFAX-CHINA - China National Petroleum Corp. (CNPC), China's largest crude oil producer, aims to raise its August fuel sales volume in eastern China by 3 percent from July to 620,000 tons, a domestic oil information portal reported on Aug. 6
CNPC plans to boost fuel sales in Shanghai Municipality by 25,000 tons from the previous month to 220,000 tons in August, though it plans to let sales in neighboring Jiangsu Province fall by 5,000 tons to 210,000 tons. In Zhejiang Province, the company aims to keep its sales volume even with last month's level of 190,000 tons.
CNPC's August sales plan does not change much from July's, Shao Xiaotian, a Pec365 oil analyst, told Interfax. Although the August fishing season will boost diesel demand in coastal areas, China National Offshore Oil Corp.'s recent entrance into the fuel market will steal some market share from CNPC and China Petrochemical Corp. (Sinopec Group).
Shao said that CNPC missed its sales targets last month in several regions, and market demand remains weak. As such, he forecast that the company will have some difficulty reaching its sales targets this month.