China makes unusual gasoline import
UPDATE 1-China makes unusual gasoline import for November
Wed Nov 14, 2007 9:41am GMT
SINGAPORE, Nov 14 (Reuters) - China, one of Asia's biggest gasoline exporters, made an unusual November import after buying record-high volumes for September, traders said on Wednesday.
They said state-run Sinopec Corp (0386.HK: Quote, Profile, Research) bought a 30,000-tonne cargo of 93-octane gasoline. The identity of the seller and the price of the cargo were not immediately available.
The November import came as Chinese refiners grapple with acute domestic supply shortages. The refiners already cut their November export volume to about 100,000 tonnes, the lowest since January 2004.
China last imported record-high volumes of 120,000 tonnes for September, also because of domestic fuel shortages, but skipped imports for October, when it exported 190,000 tonnes of gasoline.
Before the shortage, China exported 200,000-300,000 tonnes of gasoline per month, and exported a hefty volume of 526,000 tonnes for June. (Reporting by Jiwon Chung, Editing by Valerie Lee)
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