Oil imports to counter shortage

SINOPEC, one of China's leading oil producers, announced it would import more refined oil from abroad while trying hard to increase production to ease shortage at home.

The company plans to import 500,000 tons of diesel oil by next month. In November it bought 287,000 tons of diesel from abroad, and the figure will rise to 423,000 tons this month.

Sinopec has ordered seven local refineries to process 500,000 tons of crude oil and will purchase from them 300,000 tons of oil products.

PetroChina, the country's largest oil producer, also said it would increase imports of refined oil, but declined to reveal specific plans for next month. Last month, the company imported more than 400,000 tons of oil products.

It is predicted that Sinopec will process 42.38 million tons of crude oil in the fourth quarter, an increment of 380,000 tons over its quarterly plan. PetroChina will likely process 32.25 million tons of crude oil in the same quarter.