PetroChina inks fuel deals

PetroChina Co. has signed term contracts to buy fuels from Asian refineries, secured oil storage in Singapore and booked a supertanker to store gasoil in the Mediterranean sea, in a move to expand its international trading presence. PetroChina has signed contracts to lift up to 5.4 million barrels of gasoil and up to 9.6 million barrels of jet fuel in 2010 from South Korean, Japanese and Taiwanese refiners. Given China’s record output of both kerosene and gasoil in recent months, the fuel lifted via term contracts will likely be used for overseas trading rather than for supply to China. (March 12, 2010)