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China's 2012 oil refining up 3.7 percent

  |   Feb. 15, 2013 at 5:19 AM
BEIJING, Feb. 15 (UPI) -- China says its oil refining industry processed 468 million tons of crude in 2012, up 3.7 percent from the previous year because of rising domestic consumption.

The National Development and Reform Commission said consumption of gasoline and kerosene has been rising rapidly due to expansion of the auto and aviation industries, the official Xinhua News Agency reported.

The report said gasoline consumption last year rose 12.2 percent from 2011 and kerosene was up 14 percent. Diesel consumption stayed almost flat.

In another report, the China National Petroleum Corp. said the country's dependence on imported oil has been rising steadily to meet the demands of a growing economy, now the second largest in the world after the United States.

Oil imports last year totaled 284 million tons, up 1.5 percent from 2011, the CNPC said. Foreign oil last year accounted for more than 56 percent of total consumption.

A CNPC expert said volatile international oil prices and soaring natural gas costs are putting much pressure on economic growth, affecting China's energy security.

The CNPC said China's oil and natural gas demand will continue to trend upward in 2013, with reliance on both foreign oil and foreign gas expected to grow.

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