China seen raising Saudi oil imports 11 pct in 2013
BEIJING, Dec 7 (Reuters) China crude oil imports from Saudi Arabia are likely to canada goose clearance sale rise about 11 percent next year, faster than this year growth rate, as refiners lift output canada goose coats in anticipation of an economic recovery and Canada Goose Coats On Sale an increase canada goose factory sale in fuel demand, industry officials said.
China, the world second largest crude consumer, is expected to buy about 1.17 million barrels Canada Goose salecanadagooseoutlets sale per day (bpd) of Saudi oil next year, 120,000 bpd more than this year contracted amount. The figures are based on estimates by industry sources with direct knowledge of the supply situation.
China, canada goose uk outlet which imports about 5.3 million bpd of crude a year, is Saudi Arabia third largest customer after the United States and Japan. In the year to October, imports from Saudi grew 8.6 percent on the year to 1.06 million bpd, compared to growth of 12.6 percent in 2011.
Most Asian buyers are being canada goose forced to rework import plans to factor in a cut in purchases from OPEC member Iran due to tightening Western sanctions. China, Iran canada goose clearance top trading partner, Canada Goose Outlet has uk canada goose cut imports by 22.2 percent in the January October period from a year earlier.
China sees cheap canada goose uk Saudi Arabia, buy canada goose jacket cheap the world top oil exporter, as a strategic partner capable of providing stable supplies, canada goose store and the state energy companies Canada Goose online of both nations are in a $10 cheap Canada Goose billion joint canadian goose jacket venture to build a 400,000 bpd refinery Canada Goose Online on Saudi Arabia Red Sea coast.
REFINERY EXPANSION China Canada Goose Outlet crude oil demand is one of the factors propping up global crude prices, at around $100 per barrel. This year, China oil demand is forecast to grow just 2.8 percent in its slowest pace in more than a decade, the International Energy Agency says, due to a slowdown in the economy, but there are signs of a revival next year.
State canada goose black friday sale owned Sinopec Corp, Asia largest refiner, would take in more than 80 percent of the total Saudi supplies to China. China No.2 refiner, PetroChina, and state run Sinochem Corp, will use up the rest, the sources said.
imports of Saudi crude have been increasing steadily over the past years and are expected to rise further as Sinopec refining capacity will rise steadily over the next few years, said one Chinese trader.
Sinopec is estimated to increase Saudi imports by up to 80,000 bpd, as it adds new refining canada goose uk black friday facilities at two subsidiary plants, a 200,000 bpd unit started in late November at Maoming in south China and a 160,000 bpd unit at Jinling refinery in east China. Sinopec and Aramco are expected to finalize the 2013 contract soon, canada goose uk shop traders said.
Most of the new capacity is geared canada goose coats on sale towards processing high sulphur, or buy canada goose jacket sour, crude.
The volume for the Fujian refinery jointly owned by Sinopec, Aramco and Exxon Mobil will remain the uk canada goose outlet same, at 200,000 bpd.
PetroChina will raise its 2013 Saudi crude term volumes by 40,000 barrels per day (bpd) to around 160,000 bpd, up a third from 2012, trading Canada Goose Parka executives have said.
The total increment matches the increase Sinopec agreed with Iraq, the world fastest growing crude exporter, as the refining giant sought to Canada Goose Jackets diversify supplies.