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China short on oil, Sinopec vows to up supply

(China Youth Daily)

15:47, November 09, 2011

Edited and Translated by Han Shasha, People's Daily Online

Beijing, Nov.9 (People's Daily Online) --An official from Sinopec recently said that in order to ease fuel shortages, it has taken a series of active measures, including ordering its refineries to operate at full capacity, accelerating the overhaul of its refineries, increasing supplies to gas stations and strengthening market monitoring and resources allocation.

In October, the Commercial Petroleum Flow Committee under the China General Chamber of Commerce blamed Sinopec and PetroChina, the country’s two giant oil companies, for cutting oil supplies to gas stations, which attracted great media attention.

The China Chamber of Commerce for the Petroleum Industry recently also accused the two oil companies of artificially manufacturing oil shortages and clamored for relaxation of tight government control over crude and refined oil imports.

A relevant official from Sinopec said that the ongoing shortages of oil supplies, particularly diesel shortfalls, are caused by many factors, such as a steep rebound in global oil prices and soaring seasonal demand.

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