China’s crude oil imports up 20% in May

China’s crude oil imports rose 20.8% in May from the same month a year ago to 21.55 million metric tons (MT), according to the General Administration of Customs. The rise was attributed to strong demand from state-owned refineries, which ramped up production to compensate for reduced output by private refineries in Shandong province. At the same time, crude oil exports dropped by 73.7% in May from the same month a year ago to 50,000 MT, the lowest since February 2008, when China did not export at all. Regulated local prices for refined products have resulted in negative refining margins, causing huge losses in the local refining sector. In the first quarter,  PetroChina Co. Ltd. and Sinopec Corp. suffered refining losses of 6.13 billion yuan (US$948 million) and 576 million yuan (US$89 million), respectively. (June 10, 2011)