China to consume 270m tons of crude oil in 2004
(Xinhua)
Updated: 2004-03-27 11:17

The report expects China's net oil imports to exceed 100 million tons in 2004. Official statistics show that in 2003, China's net oil imports amounted to 97.39 million tons, including 82.99million tons of crude oil, up 30 percent or so over the previous-year level.

Last year the country's oil product demand was shored up by 11.4 percent mainly by the combination of a 9.1-percent economic growth and oil-fired power generating caused by an acute electric power shortage in the eastern and southern parts of China and a significant increase in car population.

In 2004, China will continue to have robust demand for crude oil and coal, the report says, expecting the consumption of gasoline, diesel oil and kerosene to hit 136 million tons, up 4.6 percent year on year.

The report also foretells the continued rise of raw coal pricesin 2004. Last year the coal price in the Chinese market soared dueto electricity shortage as well as booming of metallurgy, chemical and building material industries.

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