Oil & Gas

13 May 2021

Sinopec Offers Refineries Sweeteners to Boost Clean Marine Fuel

13 May 2021  by Reuters   

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.

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.

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