China Travel & Tourism News
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Crude runs at record
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21-Oct-2005 - Xinhua |
Chinese refineries boosted operating rates to a record in September, data showed Thursday, as oil firms moved to tackle fuel shortages in the south and boost stocks ahead of peak harvest demand.
The world’s second-largest oil consumer refined 24.62 million tons (6.0 million barrels per day), the National Bureau of Statistics said, well above August’s 5.7 million bpd and the highest on record in daily terms.
Throughput was also up a strong 10 percent from last year.
The figures, together with a sharp rise in net product imports and a rebound in crude imports, provide more evidence that growth in oil demand may finally be picking up steam after unexpectedly tepid data earlier this year.
Service station pumps dried up across the southeast in August because State fuel price caps fixed well below global markets led to loss-making domestic sales. So refiners cut their domestic sales, stifling consumption and worrying officials.
China piled pressure on refiners in late August to boost supplies and moved to staunch a flow of product to higher-margin overseas markets by halting export tax rebates for gasoline and naphtha and tax-free processing of imported oil for re-export.
“This was the harvest season pick-up in demand, together with government pressure to make sure there would be enough supply,” said Victor Shum at Purvin & Gertz in Singapore.
Refineries ramped up September production of diesel — used by farmers for the harvest and in winter for heating — more than any other product, with output up 13 percent from a year ago.
The government in October also said it planned to waive the diesel import tariff for the fourth-quarter to ensure supply, hoping to encourage more imports.
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21-Oct-2005 - Xinhua |
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