UPDATE 2-China Nov crude oil imports up 1 pct on yr

Tue Dec 11, 2007 5:01am GMT
 
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(Adds official Nov crude import, details)

BEIJING, Dec 11 (Reuters) - China's crude oil imports rose 1 percent in November from a year earlier to 13.61 million tonnes, preliminary government data showed on Tuesday, as the country suffered through a serious domestic fuel shortage.

November imports equivalent to 3.31 million barrels per day (bpd) were up 11 percent from October, the data showed, as Beijing stepped up the pressure on refiners to boost supplies.

The increase from the month before appeared well-timed as Beijing raised retail fuel prices by 10 percent from Nov 1, the first increase in 17 months, helping trim losses at oil firms unable to pass soaring crude costs on to their sales at pumps.

Crude oil imports in the first 11 months rose 12.5 percent from the year-ago period to 150 million tonnes, the General Administration of Customs said.

Imports of oil products, excluding liquefied natural gas, fell 9 percent to 31.15 million tonnes in the first 11 months from a year earlier. In November alone, imports were 2.13 million tonnes, customs said.

The final November import figure differed slightly from earlier calculations based on year-to-date figures, which had showed a slight year-on-year decline in imports.

 

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