some comments to the ndo buyers, page-20

China Increases September Oil Imports 10% on Demand (Update1)

By Winnie Zhu

Oct. 14 (Bloomberg) -- China, the world's second-largest energy user, increased crude oil imports by 10 percent in September to meet rising demand from refineries.

Imports climbed to 15.03 million metric tons, or 3.66 million barrels a day, last month, the Beijing-based Customs General Administration of China said on its Web site today. The rate of increase compares with an 11.5 percent gain in August and a 7 percent decline in July.

Chinese oil companies are expanding refineries to meet fuel demand from the world's fastest-growing major economy. China's processing capacity increased at least 5 percent in the third quarter as the nation's two biggest oil companies, PetroChina Co. and China Petroleum & Chemical Corp., boosted capacity in Qingdao and Dalian.

Imports in the first nine months rose 8.8 percent to 135 million tons, the customs said today. The country increased crude-oil imports to 140 million tons, the customs said in a separate statement yesterday, suggesting purchases reached a record 20 million tons in September. Exports were 580,000 tons, it said today.

Crude oil imports may keep rising in the next few months as the country takes advantage of falling prices to increase stockpiles, Li Yujin, an oil analyst with China International Chemical Consulting Corp., said by telephone from Beijing.