China’s refined fuel demand is expected to grow at more than 10% in the fourth quarter versus a year earlier, the President of PetroChina Huang Yongzhang told an online roadshow on Tuesday after the firm announced a record quarterly earning on Monday.

“In the fourth quarter, China’s economic stimulus policy is going to yield more results, domestic consumptions are set to rebound further…and demand for industrial products is going to improve,” Huang told investors in transcripts posted at Shanghai Stock Exchange’s roadshow portal.

PetroChina, China’s second-largest oil refiner after Sinopec Corp, recorded a 16.5% year-on-year increase in crude throughput during the first nine months and 13.4% in total refined fuel sales that include exports.

Analysts cautioned, however, that the over 10% growth forecast for the October-December period came on top of a weak year-earlier base when domestic fuel use was hard hit by COVID controls that forced Beijing to introduce a shift in fuel policy to boost exports. .
Source: Reuters (Reporting by Chen Aizhu, editing by Ed Osmond)