China National Petroleum Corp (CNPC) said its subsidiary PetroChina (PTR.NYSE, 601857.SH, 0857.HK) produced 56% more winter-grade diesel by the end of October than last year as the company attempts to make up for regional shortages of the fuel, state media reported. China Petroleum and Chemical Corp (Sinopec; SNP.NYSE, 600028.SH, 0386.HK) said it would accelerate its oil processing operations in November by 10% from last year to 583,000 metric tons per day, a new record. It will also cut exports of diesel to meet domestic demand. More than 2,000 gas stations in southern China have been forced to close after local governments cut power to factories as part of a last-ditch effort to meet energy efficiency targets under the 11th Five-Year Plan. In response, many factories purchased diesel generators, leading to a spike in demand for the fuel.
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