Sinopec Group, the parent company ofSinopec (600028.SH; 0386.HK; SNP. NYSE), has denied the saying that its refineries restrained output to back up the oil product price, Shanghai Morning Post reported.

    An official with the company said that enterprise's output adjustment is ordinary business behavior, which should not be connected with price Earlier media reports said that since abundant storage of oil product has been prepared for the Beijing Games, refineries of Sinopec Group would reduce the crude oil processing volume by 20,000-50,000 tons each in August. So Sinopec's diesel output might lessen 394,000-986,000 tons in October. In addition, the refineries might have scheduled more maintenance plans in September, which would definitely lower the output.

    The official declared that Sinopec Group has always put the market demand in the first place and adjust the output correspondingly; meanwhile, maintenance schedules are made every quarter.