China's to import more oil in 1997 for refineries

Jan 15, 1997 01:00 AM

Jan. 3, 1997 China will import more oil in 1997 for processing by refineries and boost production of natural gas to meet growing domestic demand. "Surging demand for finished oil and relatively stable supply of onshore oil have forced refineries to look into overseas markets," China Petrochemical Corp (Sinopec) president Sheng Huaren said. China imported 18.4 million tonnes of oil in the first 10 months of 1996, up 63 % from the same 1995 period. Sinopec's refineries processed 20 mmt of imported oil in 1996, accounting for 20 % of the total amount processed. The refineries would process more imported oil in 1997. China produced an average of 3.0 mmbpd a day in 1995. The figure is expected to climb to 3.3 mmbpd by the year 2000. Domestic demand for finished oil averaged 3.04 mmbpd and was expected to hit 3.9 mmbpd by 2000. Separately, China plans to double its annual natural gas production capacity to 30 bncm (1.06 trillion cubic feet) by 2005. China is expected to verify additional onshore gas reserves of 1.0tcm (35.35 tcf) by 2000, with the total hitting 2.0 tcm (70.7 tcf).

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