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PetroChina to guarantee domestic refined oil supply
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16:29, May 16, 2008

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Currently, the domestic supply of refined oil is at a tight balance. PetroChina has made a series of measures; and in the second quarter will be able to ensure the domestic refined oil supply under the state of this tight balance market, said Jiang Jiemin, president of the PetroChina Company Limited (PetroChina).

Jiang Jiemin said that at present China has stopped all exports of finished oil products. On the basis of importing 1.5 million tons of gasoline and diesel in the first quarter, the company will continue to import 500,000 tons of gasoline and 1 million tons of diesel; and has intensified resource purchase from local refineries to meet the domestic demand for refined oil products.

He pointed out that the demand for domestic refined oil is rising and China's oil refining capacity still cannot fully meet the domestic refined oil market's demand.

In order to achieve a domestic refined oil supply, China will impose the VAT and then return the VAT in the import links of parts of refined oil imported by the China National Petroleum Corporation (CNPC) and Sinopec Group in the second quarter of this year. As of April 1, the central government's finance department has provided subsidies for the losses resulting from processing the imported crude oil.

By People's Daily Online

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