CNPC to raise Q3 crude runs, imports.Byline: BEIJING Beijing (bā-jĭng) or Peking (pē-kĭng, pā–), city (1994 est. urban pop. 6,093,300; 1994 est. total pop. 7,240,700), capital of the People's Republic of China. It is in central Hebei prov. : (Image: cnpc2.jpg ) Top Chinese oil firm CNPC said it would increase crude processing, halt refined oil products exports and increase imports in the third quarter to boost supply to the domestic market. The recent fuel price hike helped ease domestic shortages to some extent, C[pounds sterling]but the outlook for fuel supply is not optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op given that international oil prices, far above domestic ones, still have room for further risesC[yen], it said on its Web site (news.cnpc.comc.cn). China lifted fuel prices by nearly 20 per cent on June 20, the first increase in eight months and the largest-ever hike. However, refiners are still bearing losses and some industry officials estimate their deficits remain above 1,500 yuan Yuan (yüän), river, 540 mi (869 km) long, rising in S Guizhou prov. and flowing generally NE to Donting lake, Hunan prov., SE China. Navigation above Changde is limited by rapids to small craft. ($218.6) for each tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. of oil products produced. CNPC, parent of PetroChina, said its crude processing in the third quarter would increase 880,000 tonnes, or 70,600 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. (bpd), from a year earlier and oil products output would rise 580,000 tonnes, without providing the previous yearCOs levels. Most of CNPCCOs refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar businesses are operated by PetroChina, which processed 2.23 million bpd in the third quarter of 2007, 7.8 per cent more than the same period in 2006. CNPC said that imports of refined oil products are expected to reach a record high this year. It did not elaborate on volumes or varieties, but PetroChina said earlier this month it has planned a record 2.4 million tonnes of diesel imports this year. CNPC said it also aimed to provide 1.25 million tonnes of crude oil in the third quarter to independent refiners and buy back 500,000 tonnes of oil products to boost market supply. Independent refiners, which account for around 15 per cent of ChinaCOs total processing capacity, have no direct access to the crude oil market, which is controlled by state-owned oil majors. CNPC and Rosneft have entered into a joint venture agreement for the construction of an oil-refining company in China, to the value of up to $4 billion, with an annual capacity of 10 million tonnes. Currently, CNPC and China Petroleum and Chemical Corporation are trying to strengthen some of their perceived weaknesses. CNPC is working on strengthening its refining operations and Sinopec is trying to expand its upstream From the consumer to the provider. See downstream. (networking) upstream - Fewer network hops away from a backbone or hub. For example, a small ISP that connects to the Internet through a larger ISP that has their own connection to the backbone is downstream from the larger oil exploration capability. A[umlaut umlaut (  m`lout) [Ger.,=transformed sound], in inflection, variation of vowels of the type of English man to men. ] Copyright 2008 www.tradearabia.com
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