Sinopec Group to halt fuel exports and cut petrochemical production to boost output of gasoline and diesel

20-Apr-11
Sinopec Group, Asia’s biggest oil refiner, is halting fuel exports and cutting petrochemical production to boost output of gasoline and diesel for domestic use, as per Bloomberg. It has about 6.5% of global supply of ethylene. Sinopec’s cut will make ethylene markets tighter. As a result, other ethylene producers will obtain higher prices. Beneficiaries include Dow Chemical, LyondellBasell Industries NV (LYB), Westlake Chemical Co., Industries Qatar and Saudi Basic Industries Corp. (SABIC).
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