Sinopec halts exports of refined oil to ensure domestic supply

China Petrochemical Corporation (Sinopec Group) on Wednesday said it had suspended exports of its refined oil products, except those to Hong Kong and Macao, in order to ensure supply at home.
Due to the turmoil in the Middle East and the quake in Japan, Sinopec is facing heavier pressure to meet demand at home, the company said in a statement on its website.
The company will take more measures to increase output to ensure domestic supply of refined oil products, the statement said.
A company spokesperson said Wednesday exports to Hong Kong and Macao would be maintained to meet the two regions' basic energy demands, but a decrease in exports would be expected to the two regions.
Since the beginning of this year, Sinopec has been increasing output of refined oil, with its first-quarter output reaching 31.55 million tonnes, an increase of 6.2 percent from the same period last year.
The spokesperson said output in April was expected to hit 10.54 million tonnes, up 410,000 tonnes year on year.
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