China's Sinopec Corp is offering its refineries incentives to boost their output of very low sulphur fuel oil (VLSFO) three sources with knowledge of the matter said, to grab a bigger share of the fast-growing marine fuel market.
The top Asian oil refiner is crediting its refineries 150 yuan ($23.35) for every tonne of VLSFO they produce, they said
The scheme, which started earlier this year, is aimed at motivating its plants to produce more VLSFO as a domestic diesel supply overhang idled some of the state oil firm's refining capacities, the sources said.
Sinopec declined to comment.
