SPY422.67+0.56 0.13%
DIA339.16-1.60 -0.47%
IXIC14,186.38+146.70 1.04%

Sinopec offers refineries sweeteners to boost clean marine fuel - sources

05/12/2021 05:45
Sinopec offers refineries sweeteners to boost clean marine fuel - sources

- China's Sinopec Corp 0386.HK 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.

The top Asian oil refiner is crediting its refineries 150 yuan ($23.35) for every tonne of VLSFO they produce, they said

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.


(Reporting by Chen Aizhu, editing by Louise Heavens)

(([email protected]; +65 6870 3284; Reuters Messaging: [email protected]))