China's crude oil self-sufficiency 45 pct in 2010, NDRC expects

21:14, December 28, 2010      

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China's self-sufficiency in crude oil is expected to be 45 percent in 2010, the National Development and Reform Commission (NDRC), the nation's top economic planner, said Tuesday.

The country imported 218 million tonnes of crude oil in the first 11 months, a rise of 19.8 percent from one year earlier, according to a statement from the NDRC.

The figure has surpassed China's full-year import volume of 204 million tonnes in 2009, when the country's self-sufficiency in crude oil was 47 percent.

A 34-percent vehicle sales growth in the first 11 months was attributed as a major reason for the strong oil demand, according to the NDRC.

The NDRC has twice hiked gasoline and diesel prices this year, with the first hike announced on Oct. 25, and the latest on Dec. 21, as oil prices continued to rise in the global market.

Source: Xinhua
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