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China Boosts Fuel Imports to Highest in Five Years
in-en.com  2008-7-15 13:40:24  

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China, the world's second-largest energy consumer, increased diesel and gasoline imports last month to meet rising demand from next month's Olympics Games and reconstruction after the May earthquake.

Diesel imports rose to 960,000 metric tons, the highest in at least five years, the Customs General Administration of China said in an e-mailed statement today. Gasoline purchases surged to 282,996 tons, with exports at 150,000 tons, the country remaining a net importer of the fuel for the second time.

China is increasing fuel imports for relief efforts after a 7.9-maginitute temblor struck the nation's southwestern Sichuan province on May 12. The August Games in the capital city Beijing increases the nation's need to build up stockpiles before the event, said Li Yujing, an oil analyst with China International Chemical Consulting Corp.

``State oil companies have been increasing overseas purchases for months to avoid shortages during the most important event,'' Li said by telephone from Beijing, referring to the Aug. 8-24 Olympics.

Diesel imports jumped more than 12-fold to 3.85 million tons in the first six months, today's figures show. Gasoline imports soared 31-fold to 837,322 tons.

China, traditionally a supplier of gasoline to Asian countries, became a net importer of the fuel for the first time in May after overseas purchases of the fuel more than doubled from April to 338,527 tons.

China was a net coal exporter in June as a bigger gap between international selling prices and domestic levels spurred overseas sales. Imports fell 32 percent to 2.78 million tons while exports jumped 83 percent to 6.99 million tons.

China's government on June 19 imposed ``temporary caps'' on domestic prices of coal used in power stations to help ease an electricity shortage, widening the gap with regional benchmarks.

Only the U.S. consumes more energy than China.

Following is a table of China's preliminary oil exports and imports in June from the Beijing-based Customs General Administration.


==============================================================
                  Imports (Million Metric Tons) Yr-on-Yr Change
Crude oil                14.57                       3.2%
Gasoline ('000 tons)    282.996            No imports recorded
Kerosene                  0.55                        64%
Diesel                    0.96                     3,837%
Other fuel oil            1.67                     -38.5%
Coal                      2.78                     -32.1%

                  Exports (Million Metric Tons) Yr-on-Yr Change

Crude oil                 1.42                      538.8%
Gasoline                  0.15                      -70.7%
Kerosene                  0.47                        6.2%
Diesel                    0.04                       21.4%
Other fuel oil            0.58                        102%
Coal                      6.99                         83%
===============================================================

 
Author:Bloomberg  From:Bloomberg  Edit:steven
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