Refiner and petrochemical giant China Petroleum & Chemical Corp. (Sinopec) has made gasoline production a priority over plastic resins in response to the long lines at gas stations across China.
The company told Dow Jones Newswire that it plans to cut production of naphtha and petrochemical products in July and at the same time increase diesel production.Sinopec will continue to reduce ethylene production in July, by at least 12 percent.On the flip side, two Sinopec ethylene lines in Maoming, Guangdong province, with combined capacity of 1 million metric tons, have resumed production, after a temporary closedown caused by a lightning strike June 3.