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China to Import 50 Million Tons of Oil From Saudi Arabia This Year

Saudi Arabia : 05 October 2010

This year Saudi Arabia will import 19 per cent more oil to China over last year’s figures, according to the Saudi Press Agency.

The largest global crude exporter will pump 50 million metric tons of crude into China this year, as compared to 41.95 million tons in 2009.  These figures were drawn from the Chinese ambassador to Saudi Arabia, Yang Honglin.

Earlier in 2010 China became the largest customer of crude from Saudi Arabia, surpassing the U.S. as they moved into the top spot.  China is the largest energy consumer on the globe and is upgrading lower quality crude processing facilities and increasing the number of refineries in the nation.

China is looking to add 31.5 million tons annually to their oil refining in 2010, which would boost their annual capacity to 515 million tons.  This figure translates to 10.3 million barrels per day and is reported by the China National Petroleum Co., the nation’s biggest energy firm.

As the largest supplier, Saudi Arabia imported 28.3 million tons of crude into China from January to August of 2010 as reported by Beijing’s General Administrations of Customs. As the next largest supplier, Angola imported 27.9 million tons.

In the first six months of 2010 China partnered with Saudi Arabia in 27 industrial initiative projects totaling $2.1 billion.  There are 81 similar projects in the works in the nation that has the largest economy in the Arab world.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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