China raises net import of crude oil in first half year

Aug 12, 2006 02:00 AM

China's net import of crude oil rose to 70.33 mm tons and refined oil products, 12.03 mm tons, in the first half of the year, said an official with China's General Administration of Customs.
China imported 73.33 mm tons of crude oil and exported 3 mm tons in the first half of 2006, said Zhang Bingzheng, a statistical analyst under the department of statistics of China Customs, at an industrial forum held in Taiyuan, capital of north China's Shanxi Province.

Angola, Saudi Arabia, Iran, and Russia are the top four oil suppliers of the country in the first half year, said Zhang.
As for the refined oil, the country imported 18.23 mm tons and exported 6.2 mm tons in the January-June period, Zhang said. According to him, China's net import of crude oil cost the country $ 32 bn and refined oil products, $ 44.37 bn.

The net import of crude oil and refined oil of the country rose by 17.6 % and 48.3 % year on year, respectively.
In the meantime, China produced 91.66 mm tons of crude, up by 2.1 % over the same period last year, and 84.82 mm tons of refined oil, representing a year-on-year increase of 5.6 %, in the first half, showed the statistics from the China Petroleum and Chemical Industry Association. Both hit the new high of production record, compared with figures for past years.

The rapid growth of Chinese economy as well as its booming auto ownership contributes to the surging demand for oil in the country, said experts.
According to data released by the National Bureau of Statistics, China's GDP surged a year-on-year 10.9 % in the first half of 2006, 0.9 % higher than the same period of 2005.

Source: PIN/Xinhua
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