China Increases Crude Imports to Fill Stockpiles, CNPC Says
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China increased its crude imports in the first quarter to fill stockpiles and not because of growth in domestic demand, according to a report in China National Petroleum Corp.’s online newsletter.
China’s crude-processing capacity expanded by 3 percent in the first quarter, much slower than the annual growth rate of as much as 12 percent from 2006 to 2010, CNPC said today in the newsletter. The nation boosted oil imports amid geopolitical tension to ensure long-term energy security, it said.