Sinopec Halts Fuel Exports on Shortage as Refiners Make Loss

[phantom power]

(Bloomberg) -- China Petrochemical Corp., Asia's biggest oil refiner, halted fuel exports to ease a domestic shortfall as high crude costs and price caps cause private refiners to cut back on production.

Sinopec Group, as the company is known, "stopped exporting to other regions apart from sustaining the basic resource needs of Hong Kong and Macau," it said in its online newsletter today. The Beijing-based company will run its refineries at full capacity and cut petrochemical production to boost output of gasoline and diesel for domestic use, it said.

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/04/18/bloomberg1376-LJVKKZ6KLVRI01-0PRO061UVL5QVHQIL38N01VJ1A.DTL

[pscot]

1. That has trouble

wrote all over it.

[Nihil]

2. The sound of another little "oops" echoes in the distance ... (n/t)