The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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Chinese imports of fuel oil were down 17 percent to about 2.34 million tonnes in February compared with January's level, C1 Energy reports.
The imports were also down about 14 percent year on year.
Low operating rates among independent refiners contributed to the decline in part because of the Lunar New Year holiday, and the refiners also had large volumes of feedstock available because of higher imports in previous months.
CFR premiums for some cargoes rose, to between $96 and $98 per tonne for M100 fuel shipped from the Far East to Shandong, and to $30 per tonne for European M100 fuel, possibly contributing to lower import levels.
Imports from Venezuela were up in February, with Chinaoil shipping two very large crude carriers (VLCCs) of 380cst fuel oil from that country, with the CFR premium staying flat at $15 per tonne.
The volume of fuel oil from Venezuela also rose in January despite an overall decline.
Deutsch Bank AG predicted in January that China's use of fuel oil could decline in 2013 due to government policies that make it less attractive as a feedstock for refineries.
Along with the rapid development of China's energy industry, China Oil & Gas Pipeline network is experiencing unprecedented great structure, large-scale construction and giant leap. Read More >
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