Sinopec to import 60,000 tons of gasoline
Updated: 2007-09-11 21:15
Sinopec, China's biggest oil refiner, is planning to import 60,000 tons of gasoline in September to help meet domestic demand, said an official of the company on Tuesday.
Arrangements for the imports have been fixed, including the time and place of delivery, said the official in charge of sales with Sinopec, adding the imported gasoline would arrive at the end of this month.
The demand for gasoline has surged due to increasing fuel consumption propelled by the end of a fishing moratorium, intensified farming in the autumn and persistent hot weather.
Meanwhile, the company wanted to keep some gasoline in store ahead of the National Day holidays to help ease the shortage in the domestic market, he said.
The market price of gasoline in China was 6,300 yuan (US$829) per ton while the CIF (cost, insurance and freight) of imported gasoline was about 6,800 yuan (US$895) per ton, said the official.
This means Sinopec would go almost 30 million yuan (US$3.9 million) in the red by selling the imported fuel.
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