North China Port Reports Sharp Rise in Crude Oil Imports

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Last updated at: (Beijing Time) Wednesday, July 23, 2003

North China Port Reports Sharp Rise in Crude Oil Imports

Tianjin port, the largest in north China, imported 772,400 tons of crude oil during the first six months this year, marking a 61.8 percent increase year on year.

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Tianjin port, the largest in north China, imported 772,400 tons of crude oil during the first six months this year, marking a 61.8 percent increase year on year.

According to statistics from Tianjin Customs, the imported crude oil was worth 172 million US dollars, and the average price for each ton was 223 US dollars, rising 46.6 dollars over the same period of last year.

The crude oil was imported mainly from Norway, Sudan and Indonesia.

The major buyer of the oil was the China International Petrochemicals United Company, which claimed 85 percent of the total crude oil imports at Tianjin Port.

Customs officials attributed the import increase to strong domestic demand, especially the fast-growing automobile, petrochemical and transportation industries.

China each year will consume some 230 million tons of crude oil and have to import about 70 million tons, according to sources.

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