BIZCHINA / Center |
China expected to import 140m tons of crude oil(Xinhua)Updated: 2006-12-17 11:03 China's crude oil imports are expected to reach 140 million tons in 2006, up 10.2 percent on last year, according to the Ministry of Commerce (MOC). Liang Shuhe, deputy director with the Foreign Trade Department of MOC, said that China's demand for crude oil would total about 290 million tons this year, of which 48 percent were imports. According to Liang, China's total output of crude oil is expected to reach 183 million tons in 2006, with 7.40 million tons for exports. Liang said the fast growth of the economy has forced China to depend more and more on imports because of the limited domestic production, predicting that the steady increase in imports was likely to continue. Statistics from MOC show that China's crude oil imports increased by 14.1 percent in the first ten months of this year to reach 120 million tons. The Chinese government removed tariffs on oil imports in November and opened its domestic oil market to foreign companies in December to cut the cost of oil imports. (For more biz stories, please visit Industry Updates) |
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