Chinese Oil Imports Escalate (Folo) Australian Oil Project Approved Woodside and Mitsui to Invest $720 Million in Offshore Field BUSINESS ASIA By Bloomberg
Posted on: Tuesday, 28 March 2006, 12:00 CST
China increased its oil imports 7.9 percent last month, as refiners including China Petroleum & Chemical build crude stockpiles because they expect higher domestic fuel prices. Purchases rose to 11.2 million metric tons in February, the Customs General Administration of China said. The nation's oil import bill rose 57 percent to $4.95 billion last month, it said
Chinese refiners are expanding their oil supplies in preparation for changes in the way the state sets fuel prices that may increase the profitability of processing crude. The government increased the price of gasoline and diesel fuel on Sunday for the first time since July 23. "For oil refiners, any price increase is good news," said Lu Xubo, an oil analyst at Jinrui Futures in Shenzhen. "It may prompt refiners to import slightly more oil and process more fuels on the expectation of future price increases."
Source: International Herald Tribune
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