Sinopec (China Petrochemical Corp.) is to cut ethylene output this month and boost fuel production to meet rising demand in the planting season, as per Bloomberg.
Five refining units, including Maoming, Yanshan and Zhongyuan, will reduce March ethylene production by a total 30,000 tons versus an earlier plan and increase oil- product output by 100,000 tons. This may continue in April, based on market requirement. Sinopec is boosting gasoline and diesel output as the central government increases oil-product prices as much as 7.8%. The tariff adjustment is aimed to ensure domestic fuel supplies amid the planting season.
The measures will help ensure stable fuel supply to the market as some refining plants will conduct maintenance in March and April. Sinopec will continue maintain high refinery run rates.