Sinopec focuses on securing China's fuel supply as Middle East conflicts disrupt global oil flows, according to Bloomberg reports.
China Petroleum & Chemical Corp, better known as Sinopec, stated that it will focus on ensuring domestic fuel supplies as the Middle East conflict threatens global oil flows, reports Bloomberg.
Vice Chairman Zhao Dong informed attendees at an earnings briefing in Hong Kong that Sinopec reduced operating rates by five percent in March to conserve crude, as shipping difficulties through the Strait of Hormuz restricted supplies.
In response to the ongoing situation, China has tightened curbs on fuel exports and limited price increases on gasoline and diesel to cushion the impact of the war.
Furthermore, authorities may deploy fiscal measures to stabilize supplies if international oil prices continue to rise, Bloomberg cited state broadcaster CCTV as saying.
