PetroChina has delivered seaborne gasoline cargoes from its inland refineries amid ample supplies in Northeast China, according to its parent company CNPC. This marks the first time PetroChina exported fuel from its Northeast China inland refineries by sea. PetroChina also exports gasoline from its Anning refinery in Yunnan province via trucks to Myanmar.
Trading sources said PetroChina shipped 300,000 barrels of gasoline to Singapore from Dalian Xingang terminal. The gasoline is said to be produced at PetroChina’s refineries in Daqing. Inland refineries have to move fuel by rail or truck first to terminals in China’s coastal regions before exporting it by sea. Hence, they usually ship fuels in bigger cargoes to lower costs and improve economies of scale.
China exported an average of 370,000 bpd of gasoline in the first half of this year, 50,000 bpd higher than a year earlier. However, fuel exports remained low in June due to lower overseas demand and negative export margins. Gasoline exports decreased by 70,000 bpd from a year earlier to 210,000 bpd in June, China’s customs data showed.
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Published on July 29, 2020 3:16 PM (GMT+8)Last Updated on July 29, 2020 3:16 PM (GMT+8)
