Asia/Pacific News
Sinopec Offering Refineries Sweeteners to Boost VLSFO Output: Report
Thursday May 13, 2021
China's Sinopec Corp is offering its refineries incentives to boost their output of very low sulphur fuel oil (VLSFO) three sources with knowledge of the matter said, to grab a bigger share of the fast-growing marine fuel market, Reuters reports
The top Asian oil refiner is said to be crediting its refineries with 150 yuan ($23.35) for every tonne of VLSFO they produce, the sources were cited as saying.
The scheme, which started earlier this year, is aimed at motivating its plants to produce more VLSFO as a domestic diesel supply overhang idled some of the state oil firm's refining capacities, the sources said.
Sinopec declined to comment, according to the report.
