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To: allevett who wrote (9827)	5/29/2005 9:18:11 AM
From: Crossy	Read Replies (1) \| Respond to of 37387

re: Chinese Oil Demand (Bloomberg) 05/26/2005 bloomberg.com China's Oil Import Bill Surges 86% on Record Prices (Update3) May 26 (Bloomberg) -- China spent 86 percent more in April to import oil than a year earlier, the Customs General Administration of China said, amid record prices. Higher costs may not damp the country's demand for fuels, refiners said. The nation's bill for oil imports climbed to $4.66 billion last month, the customs administration said in Beijing today. During the first four months of this year, costs jumped 43 percent to $13.8 billion, it said. China, the second-largest oil consumer, imported 22.5 percent more oil in April, with shipments reaching 12.3 million tons, to meet surging demand for fuels and chemicals. High prices for oil, which touched a record $58.28 a barrel in New York on April 4, may do little to crimp the nation's consumption, said Tian Chunrong, a senior engineer at China Petroleum & Oil Corp. ``High international oil prices have an impact on our import bills, but that has a minimal effect in deterring China's strong demand,'' said Tian, whose company, known as Sinopec, is Asia's largest refiner. ``Oil imports should continue to grow in the coming months,'' he said by telephone from Beijing today. Oil for July delivery traded at $51.23 a barrel at 5:11 p.m. Beijing time. Imports of oil in the first four months surged 4.4 percent to 41.9 million tons, customs data show. Fuel imports in April fell 42.6 percent to 2.5 million tons and declined 14.8 percent in the first four months to 10.8 million tons. Economic Growth China raised the volume of crude oil imports 35 percent last year as PetroChina Co., Sinopec and other domestic producers failed to meet demand as the economy grew at the fastest pace in eight years. The rise in oil imports indicates that China's oil companies are processing more to meet domestic fuel demand and cutting purchases of refined products from outside the country, Tian said. Crude oil exports in April rose almost seven fold to 1.2 million tons. For the first four months, exports climbed 34.7 percent to 2.5 million tons. Coal imports in April rose 29 percent to 1.98 million tons and by 50 percent over the first four months to 7.4 million tons. Coal exports fell 18 percent in April to 6.4 million tons and declined 3 percent over the first four months to 26.5 million tons, the customs administration said. Power Plants China's coal demand has risen as power plants increase generation to meet the needs of an economy that expanded 9.4 percent in the first quarter. The government kept this year's quota for coal exports unchanged at 80 million metric tons, after cutting last year's shipments from 93 million tons in 2003. China reduced the tax rebate it pays coal exporters to 8 percent from 11 percent, starting May 1, to encourage domestic supply and stabilize prices, the nation's Ministry of Finance said on April 29. China's April exports of coke, a fuel used in stoves and furnaces, rose 4 percent to 1.2 million tons. Coke exports increased 48 percent to 5.2 million tons during the four months. To contact the reporter for this story: Loretta Ng in Hong Kong at Lng13@bloomberg.net; Xiao Yu in Beijing at yxiao@bloomberg.net. Last Updated: May 26, 2005 05:24 EDT