BIZCHINA / News
PetroChina to import more for refining
(Shenzhen Daily)
Updated: 2007-07-02 08:36
China's top oil producer PetroChina will import some 40 percent of the
crude oil it processes in 2007, up from last year's 30 percent, a company
official said Saturday.
The company is expected to process 100-120 million tons of crude this
year, 10-20 million tons higher than in 2006, said Zhang Hong, a senior
official with PetroChina's refining and marketing unit.
This would indicate 40 million to 48 million tons of imports this year
for China's top oil and gas producer alone.
Zhang told reporters on the sidelines of an industry forum in Shanghai
that PetroChina's refining business will stay in the black if crude oil
prices are below US$65 a barrel.
In 2006, crude output in PetroChina and its parent China National
Petroleum Corp. accounted for nearly 60 percent of China's total.
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Analysts and industry experts had said China's reliance on overseas
supply is set to rise despite recent major domestic finds including
Petrochina's Jidong and Sinopec's Tahe oilfields.
China became a net oil importer in the mid-1990s and more than 45 percent
of oil was sourced from overseas last year, as demand growth has been far
outpacing increases in local supplies.
(For more biz stories, please visit Industry Updates)
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