RSSNewsletterSiteMapFeedback

Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Energy Tools: Save | Print | E-mail | Most Read | Comment
NDRC: Supply boost needed to save oil resources
Adjust font size:

On November 27, the National Development and Reform Commission (NDRC) urged China National Petroleum Co. (CNPC) and China Petroleum & Chemical Co. (Sinopec), two domestic oil giants, to increase refined oil supply to ease product shortages.

According to the NDRC's requirements, CNPC and Sinopec should set no limits on oil supply to certain cities, including Beijing, Tianjin, and Shanghai, as well as to gas stations along superhighways like the Jingzhu Superhighway (Beijing to Zhuhai, Guangdong Province), Jinghu Superhighway (Beijing to Shanghai), and Jingfu Superhighway (Beijing to Fuzhou, Fujian Province). The two companies should also expand supplies to Yunnan Province, Guangxi Zhuang Autonomous Region, and Zhejiang Province where resources are scarce.

So far, CNPC has provided an increased diesel supply of 20,000 tons to Yunnan and 7,000 tons to Guangxi. Meanwhile, Sinopec has secured a 27 percent year-on-year growth in its supply to Yunnan's diesel market. Yunnan and Guangxi are two sugar production bases.

Based on the requirements, the two oil producers should also guarantee enough oil supply for the transportation of basic necessities. NDRC asked the two firms to cut chemical oil supply and boost diesel production. The commission compelled the two companies to cooperate with refineries in the northeastern Chinese provinces and Shandong Province. It encouraged the oil giants to sell crude oil to local manufacturers and purchase refined products from them.

Spokesmen from CNPC and Sinopec said they would take every pain to guarantee oil supply in large cities like Beijing, the Beijing Times reported on November 28.

According to an industrial report issued by the NDRC on November 27, the production of crude oil rose 1.9 percent year on year last October. Dong Xiucheng, the deputy dean from the Business and Management School of China University of Petroleum, believes the surging increase of the Gross Domestic Product (GDP) and oil speculation caused the depleted resources despite production increase.

According to the NDRC, the country will punish oil speculators who block the oil supply to net profits from illegal price hikes on the black market. In some cities, cars and trucks queued in long lines before gas stations, struggling to obtain petroleum and diesel.

(China.org.cn by Wu Jin November 29, 2007)

Tools: Save | Print | E-mail | Most Read

Comment
Username   Password   Anonymous
 
China Archives
Related >>
- China to subsidize oil firms to ease shortage
- Oil price manipulation cases uncovered
- Fuel output up, ban on hoarding
- Wanzhou to build oil reserve base
- Fuel oil futures surge
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Macao's gaming market expands further
-Online operators are on top of the game
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © China.org.cn. All Rights Reserved E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号