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Fuel oil output decreases

Fuel oil output decreases
China's fuel oil output in February fell 27.7% on year to 1.391 million tonnes due to an eight-fold levying of tax on fuel oil as of January 2009.

China's fuel oil output in February fell 27.7% on year to 1.391 million tonnes due to an eight-fold levying of tax on fuel oil as of January 2009.

China's fuel oil output in February fell 27.7% on year to 1.391 million tonnes due to an eight-fold levying of tax on fuel oil as of January 2009.

Fuel oil output for January-February period also shrank by 29.1% year-on-year to 2.864 million tonnes, according to statistics released by the National Bureau of Statistics last week.

China's eastern and northern regions, in particular, saw their fuel oil output plunge by 52.05% and 43.49% respectively due to higher production of lower-cost asphalt and petroleum coke.

Sinopec, China's largest oil refiner, has been following a 20% production cut, also contributing to the drop in fuel oil output.

Crude oil output also fell in the first two months of this year by 1.7% to 30.27 million tonnes compared to the same period in 2008, so as to cope with weakening domestic demand for oil products.

China's crude oil output in February dropped by 4.6% year-on-year to 14.32 million tonnes.

Meanwhile, the country's crude oil import volumes were cut to 11.73 million tonnes in February, down 17.9% on year and 8.5% on month, according to statistics from the General Administration of Customs.

China imported 24.55 million tonnes of crude oil in the January-February period, down 13% compared to the same period last year.

The import declines have been attributed to weaker energy demand as a result of a global economic slowdown.

www.TurkishMaritime.com.tr

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