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UPDATE 1-China Feb gasoline exports jump to 2nd-highest on record, imports plunge
March 23, 2017 / 3:23 AM / 8 months ago

UPDATE 1-China Feb gasoline exports jump to 2nd-highest on record, imports plunge

* Gasoline exports up 77 pct on yr at 1.06 mln tonnes

* Diesel exports up 67 pct on yr at 1.32 mln tonnes

* Strong fuel exports reflects persistent glut

* Gasoline imports tumble 94 pct to just 7,245 tonnes (Adds details on imports and exports)

BEIJING, March 23 (Reuters) - China’s gasoline exports in February climbed to their second-highest monthly level on record as refiners increasingly turn to exports to Asian markets to drain a domestic supply glut that almost wiped out imports altogether.

Gasoline exports rose 77 percent in February compared with the same month a year earlier to 1.06 million tonnes, just short of the monthly record of 1.1 million tonnes set in June last year, data from the Chinese customs authority showed on Thursday.

Meanwhile diesel exports jumped 67 percent compared with February 2016 to 1.32 million tonnes, climbing from 965,000 tonnes in January.

Strong exports of refined fuel products reflected persistence excess in the domestic market as China’s refiners maintain a record pace of crude oil buying and high rates of operation.

China became a net exporter of fuel products in late 2016. Gasoline imports last month slumped to just 7,245 tonnes, tumbling 94 percent from the same period last year, leaving net exports at 1.05 million tonnes.

Diesel imports in February dropped 52 percent from a year ago to 50,000 tonnes, while liquefied natural gas imports rose 29 percent year on year to 2.37 million tonnes, the customs data showed.

Reporting by Beijing monitor team and Chen Aizhu; Editing by Sherry Jacob-Phillips and Kenneth Maxwell

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