Monday, November 12, 2007

China seeks 30% increase in Saudi oil imports

from Reuters

Sinopec Corp, Asia's top refiner, wants to increase Saudi crude imports to 600,000 barrels per day for next year, up from this year's 460,000 bpd, a trading source close to the supply talks told Reuters. Pending Saudi confirmation, the supply pact would foster closer energy ties between Beijing and Riyadh, while maintaining the kingdom as China's top oil supplier. China, the world's second-largest oil user, is keen to secure more long-term fuel supplies. Due for completion next year are the Fujian refinery in the southeast coast in which state-run Saudi Aramco owns 25%, and the Shandong province plant designed to process Saudi oil. After Saudi Arabia and Angola, Iran is the third-largest crude oil supplier (12%) to China.

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