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China oil imports hit record high
Price no deterrent to demand in world's second biggest oil consumer.
Last Modified: 15 Jan 2007 12:12 GMT

China is expected to import 100 million tonnes
of oil by 2010 [GALLO/GETTY]



 

China, the second biggest oil consumer after the US, recorded a 14.5 per cent jump in imports, or 145 million tonnes more, despite skyrocketing prices last year.
 
It also bought about 36 million tonnes of oil products, 15.7 per cent more than in 2005, the country’s customs data showed.
The import volume means China spent approximately $82 bn last year, about $15 bn more than in 2005 when oil prices were lower.
 
According to the statistics, in 2005, crude oil imports cost $81 less than the $457-per-tonne price tag for last year.
The average price for refined oil products was up nearly $96 a tonne last year compared with the previous year's figures.
 
Demand in China, the world's third biggest oil importer after the US and Japan, is expected to increase to 100 million tonnes in 2010.
Source:
Agencies
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