March 3, 2020 / 9:40 AM / a month ago

UPDATE 1-Sinopec's Maoming refinery exports first low sulphur ship fuel -website, source

(Adds Zhenhai’s marine fuel exports)

SINGAPORE/BEIJING, March 3 (Reuters) - Sinopec Corp’s Maoming refinery exported low sulphur fuel oil in February for the first time, totalling 21,400 tonnes, according to a report on the state refiner’s website and a source with direct knowledge of the matter.

The supplies, of heavy grade and with low sulphur content, went into a bonded storage in south China’s Guangdong province where the 400,000 barrels per day Maoming refinery is based.

This new production, similar to pilot cargoes moved into bonded tanks along China’s coast by China National Offshore Oil Company (CNOOC), Zhejiang Petrochemical Corp and PetroChina, will benefit from a tax waiver policy Beijing announced in late January, the source said.

Sinopec’s Zhenhai refinery, with annual crude oil refining capacity of 23 million tonnes, also exported 1,000 tonnes of cleaner shipping fuel for the first time to bonded tanks in the eastern port of Zhoushan, Sinopec said in a statement.

Zhenhai currently has low sulphur fuel oil production capacity of 200,000 tonnes per annum, and will continue to expand capacity based on market demand, it said.

Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing; Editing by Susan Fenton and Emelia Sithole-Matarise

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