Sinopec Group

Steep drop in fuel use by top oil buyer eases war-induced crunch

The 8.5 million shares sold represent about 5.5% of EV battery makers’ Hong Kong shares in issue

Beijing has built up an estimated 1.4 billion barrels in stockpiles that could be tapped if disruptions persist

China’s massive oil reserves have given the world’s largest oil importer some breathing space to deal with the Middle East war

Refinery throughput is down 0.8% at 250.33 million tonnes, equivalent to five million barrels per day

This is to head off supply shortages caused by the war in the Middle East

The refiner will focus on maximising fuel output at the expense of petrochemicals production

Sinopec relies on the Middle East for nearly 60% of its total crude oil imports

State administrators have given the nod for the merger following deliberation, says CAO