CNPC to process more crude after fuel hike

China National Petroleum Corporation (CNPC) will increase its production of refined oil after the fuel price hike by the government in mid-June, the official Xinhua news agency reported on June 27. The parent of listed PetroChina will process 800,000 tons, or about 3%, more crude oil in the third quarter compared with the same period last year, according to reports. Third-quarter output of refined oil would be up 580,000 tons on the previous year, it said. CNPC produced 17.6 million tons of gasoline, diesel fuel and kerosene from July to September 2007. CNPC was on track to process about 6% more crude oil in June than in May, Xinhua added. “We’ll focus on meeting the demand of quake recovery work, farm production, Olympics, major projects and public utilities,” the company was quoted as saying. (June 27, 2008)