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Crude oil import to hit 130 megatons in 2005
www.chinanews.cn 2005-11-11 13:50:30
Chinanews, Nov. 10 - China's Vice Minister of Commerce Wei Jianguo said
at today's China Petroleum Forum 2005 that China's crude oil import is
predicted to reach 130 million tons this year. China tapped 136 million
tons of crude oil in the first three quarters of 2005, increasing 4.2%
over a year earlier. In the same period, the country's crude oil import
reached more than 90 million tons.
Liang Shuhe, deputy director general of the foreign trade department of
the Ministry of Commerce, said that import volume of crude oil this year
is expected to grow about 5% compared with last year's 120 million tons,
dropping sharply by 30 percentage points. In the first nine months, China
imported 93.96 million tons of crude oil, rising 4%. Import volume of oil
products amounted to 23.23 million tons, falling 16.4% year on year. The
country exported 5.46 million tons of crude oil, growing 27% over a year
earlier. Export volume of oil products stood at 11.55 million tons,
jumping 38% compared with the same period last year.
With the continuous increase of crude oil import, China suffered great
losses due to international oil price hike. Sinochem Corporation vice
president Li Hui said that in 2004, international oil price hike hindered
China's GDP growth by about 0.9 percentage point and caused US$8.6
billion more forex expenditure. In the first nine months of this year,
oil price hike in the international market cost China more than US$10
billion forex expenditure. Such hike contributed 0.16 percentage point to
China's consumer price index growth and 1.45 percentage points to
producer price growth.
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