China Petroleum & Chemical Corp., Asia’s biggest refiner, will process 4 percent more crude oil at its Hainan plant in August compared with last month to meet increased demand for marine fuels, a company official said.

The refinery plans to process 750,000 metric tons of crude this month, or about 177,000 barrels a day, compared with 720,000 tons in July, said the official, who declined to be identified because of company rules.

China bans fishing from June to August every year to help conserve marine resources, cutting use of fuels used to power boats. Demand for fuels is picking up as the ban begins to lift for some places, the official said.

The 8 million ton-a-year plant in southern China is also increasing oil processing after Sinopec, as China Petroleum is known, reduced purchases from other refiners, including privately held plants, the official said.

SOURCE: Bloomberg
 
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