Major Gasoline and Diesel Shortages Force China to Switch Focus from Exports to Imports

BEIJING--June 20, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--China has long been considered a net gasoline exporter. However, according to statistics released June 16 by China's General Customs Administration, the country has become a net gasoline importer for the first time, and its diesel imports have reached a record high. The data show that major shortages at the beginning May prompted gasoline imports to hit 338,000 metric tons. As China maintains a regulated price on major energy products, this data could prompt the government to adjust the price of its product oil soon.

Companies featured: China Petroleum & Chemical Corporation (Sinopec) (NYSE:SNP)