Sinopec launches fuel oil, bunker arm

08:49, June 08, 2010      

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Sinopec Corp, Asia's top crude oil refiner, on Saturday formally launched a fuel oil and bunker sales and marketing arm to consolidate its fuel oil businesses and tap China's rapidly growing marine fuel market, confirming an earlier Reuters report.

Sinopec Fuel Oil was responsible for selling all fuel oil production from its refineries, running fuel oil storage facilities and planning new storage sites, building a bunker supply network to reach all major ports in China, and expanding fuel oil trade in the international market, a company newspaper reported.

Sinopec had a 30 percent share of China's fuel oil market, which totaled about 34 million tons of apparent consumption in 2009, the China Petrochemical News reported.

China's bunker fuel sales to foreign and Chinese shipping plying international routes have been growing sharply as shipping volumes ex-panded along with the country's foreign trade.

The size of the market was estimated at 6.3 million tons in 2008, double its 2003 size, putting the country in the same league as South Korea or Hong Kong, but still dwarfed by Singapore's 30 million ton market.

Source: Global Times


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