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August 9, 2016

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Imports lift oil and gas processors

CHINA’S oil and gas processors are benefiting from growing imports while oil producers suffer as domestic output declines, said the National Development and Reform Commission yesterday.

These producers are importing instead of producing as the global oil market has been dismal over the past year with falling prices. From January to June their domestic output declined 4.8 percent annually to 100.45 million tons. By contrast, imports rose 14.2 percent from the same period last year to 186 million tons.

Imports of natural gas also grew 21.2 percent annually to total 35.6 billion liters over the past half year.

The higher imports helped generate a two-and-a-half fold annual increase in profit from January to May to 72.1 billion yuan (US$10.8 billion) for the processing firms.

However oil producers saw their profit dim 37.7 billion yuan in the first five months from a year ago. In 2015, their profit surged 49.1 billion yuan annually.


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