Sinopec plans further ethylene output in July

02-Jul-08

In a move to boost production of refined oil products and ensure domestic fuel supplies, Sinopec will continue to cut ethylene output in July. The Chinese oil refiner has already reduced output by 11% (65,000 tons) in June, and now plans to reduce July's ethylene production by more than 12%. The June cut increased fuel output by 200,000 tons. China announced a 20% fuel hike for the first time in 8 months on June 20, the sharpest one-time rise ever. The move was to help refiners whose bottom line has been affected due to soaring crude oil costs, and also to cork China's continuous demand for oil. Sinopec will continue to adjust its petrochemical production levels in line with the requirements in the domestic fuel market