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PetroChina will be boosting its oil product exports by 26 percent in the month in November in line with its strategy to increase exports to overseas markets, Platts reported on Wednesday, quoting a source at PetroChina, China’s second-largest oil refiner.
For this month, PetroChina plans to export some 1.51 million mt of oil products, up by 25.8 percent compared to October, according to the PetroChina source. The November exports will be 700,000 mt of gasoline, 620,000 mt of gasoil, and 190,000 mt of jet fuel.
PetroChina’s Dalian Petrochemical, Dalian Wepec, and Guangxi Petrochemical refineries have increased their plans for exports for November by 17 percent to some 1.17 million mt, compared to export plans for 1 million mt for October.
PetroChina has been increasing exports since the start-up of its new refinery in the Yunnan province.
PetroChina has been running its 260,000-bpd Yunnan refinery at a capacity of around 90 percent in recent months—a high rate at which new refineries typically operate to see if all units are working smoothly, according to a source at Guangxi Petrochemical who spoke to Platts.
In its interim financial statement for the first nine months of 2017, PetroChina said on Tuesday that it sold a total of 125.968 million tons of gasoline, kerosene, and diesel in the first three quarters of 2017, up by 6.1 percent compared to the same period in 2016.
“In the face of unfavorable conditions such as the easing of the supply-demand gap and the fierce competition in the domestic market for refined oil products, the Marketing segment undertook business development through various channels, strengthened the control and coordination of refined oil resources, and proactively optimized its sales structure,” PetroChina said, adding that its international trading business contributed to resources adjustment and profitability, tapped into overseas markets, and expanded the export of refined oil products.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.