Shanghai, September 21 (Gasgoo.com) China's demand for diesel has not fully recovered from the economic slump despite recent signs of rally in the world's third-largest economy, Reuters reported today, citing Chinese oil giant Sinopec's President Wang Tianpu.
Sinopec's current sales of refined oil products were still lower than a year earlier, Wang said in a recent interview published online by the People's Daily. China's diesel inventories had been building up faster than gasoline had in past months.
The slow recovery of diesel demand in China reflects the slower consumption for the main transportation fuel used by industry and trucks. Soaring passenger car sales soaked up much of the gasoline output despite record refinery output in recent months.
Wang said that Sinopec's largest Puguang gas-field will be operational in October. Puguang has gas production capacity of 12 billion cubic meters per year. The fuel will be shipped to Shanghai and other regions along the eastern seaboard.
The top refiner in Asia will speed up its "going out" strategy and build overseas oil and gas investments and refinery cooperation projects. The acquisition of Addax Petroleum will play a key role in Sinopec's future development.
