China halts November gasoline imports as demand falls
December 16, 2008 - 0:0
SHANGHAI (Bloomberg) -- China, the world’s second-biggest energy consumer after the U.S., halted gasoline imports and halved diesel purchases last month as the economic slowdown damped fuel demand growth.
Diesel imports dropped to 40,000 metric tons, the lowest since August last year, from 80,000 tons in October, figures from the Customs General Administration of China show on Monday. Gasoline imports were 31,533 tons in October.Fuel demand in China, the world’s second-largest energy user, has contracted “sharply” since September because of the slowing economy, China National Petroleum Corp. said on Nov. 15. The economy expanded 9 percent in the third quarter, the slowest pace in five years.
Gasoline exports rose 27 percent from a year earlier to 280,000 tons, the highest since July last year, according to the customs figures. October exports were 210,000 tons. Diesel shipments were 30,000 tons from 110,000 tons in October.
China National United Oil Corp., the country’s second- largest oil trader, will halt gasoline imports for a fourth month in December, an official with knowledge of the company’s import plans said Dec. 9. Exports of the fuel have resumed from its upgraded refinery in the northern city of Dalian since September, he said then.
China was a net coal exporter in November after imports fell to 2.17 million tons, the lowest in three years. Exports were 2.69 million tons, compared with 4.18 million tons a year earlier.