Kuwait's crude oil exports to China down 42.3 % in May

Jun 25, 2010 02:00 AM

Kuwait's crude oil exports to China fell 42.3 % in May from a year earlier to 596,000 tons, equivalent to around 141, 000 bpd, the latest government data showed.
Kuwait provided 3.3 % of China's total crude oil imports, compared with 6.0 % in the same month of last year and 5.1 % in April, according to the General Administration of Customs. For the first five months of this year, OPEC-member Kuwait supplied 3.76 mm tons (183,000 bpd) to China, up 6.6 %, one the back of record-high shipments of 1.08 mm tons (264,000 bpd) it logged in April.

China's overall imports of crude in May rose 4.4 % year-on-year to 17.84 mm tons (4.22 mm bpd). Saudi Arabia returned to China's top supplier with its shipments surging 35.7 % from a year earlier to 3.75 mm tons (886,000 bpd), followed by Angola with 3.17 mm tons (751,000 bpd), up 55.6 %.
Oman became third, with imports from the country growing 20.0 % to 1.62 mm tons (384,000 bpd).

China is the world's second-biggest oil consumer after the US. The Chinese government on May 14 gave preliminary approval to state-run Kuwait Petroleum Corporation (KPC) and its partner Sinopec for a $ 9 bn oil refinery project in south China's Guangdong Province, to which Kuwait is expected to supply all the crude.
As the project is included in the China's 11th Five Year Plan (2006-2010), preparatory work for final approval is currently in full swing.

The Environmental Impact Assessment and the Project Application Report, submitted by the alliance late April to the Ministry of Environmental Protection, must be approved before Beijing's final nod.
The planned project, which could be China's biggest joint venture in its kind, includes a 300,000 bpd refinery, ethylene cracker with the capacity of 1 mm ton per year and a retail network in and around the province.

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