Sinopec to cut runs amid shipping spike

摘要

China’s state-controlled Sinopec plans to reduce crude throughputs in December in response to a spike in freight costs. Sinopec plans to cut crude throughputs by 240,000 b/d in December, sources close to the company say. Falling downstream profts are likely to force indepen- dent refners in China’s Shandong province, where many such frms are based, to follow suit. They have already begun to reduce crude purchases, spelling a possible drop in crude imports to China towards the end of this year. China is the world’s largest oil importer, taking just over 10mn b/d in September , prelimi- nary customs data show.