JAPAN DISASTER: PetroChina supplies more fuel to ease shortage

18 March 2011 06:30  [Source: ICIS news]

SHANGHAI (ICIS)--PetroChina said on Friday it has supplied 170,000 tonnes of gasoline, diesel and fuel oil from its joint-venture (JV) refinery with JX Nippon Oil & Energy in Osaka to help ease Japan’s energy shortage.

The Chinese energy major said in a statement that it repurchased the fuels from buyers and shipping agents to supply them to Japan.

Japan is experiencing a fuel shortage, as around 22% of its refining capacity was shut down in the aftermath of the 11 March earthquake and tsunami.

Meanwhile, PetroChina has also purchased 30,000 tonnes of low-sulphur waxy residue oil from Indonesia to supply to Japan to meet the country’s rising demand for petroleum products, the statement said.

PetroChina has a 49% stake in the JV Osaka refinery, which has a capacity of 5.75m tonnes/year, while JX Nippon holds the remaining 51% stake.

The supplies are in addition to the 10,000 tonnes of gasoline and 10,000 tonnes of diesel that China said it will provide in an effort to ease the quake-induced fuel shortage in Japan.

Market sources said PetroChina will supply 10,000 tonnes of gasoline, while Sinopec will provide the 10,000 tonnes of diesel.

With additional reporting by Fanny Zhang

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By: Judith Wang
+65 6780 4359



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