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China oil imports from Saudi to rise by 12% in 2010
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22/Nov/2009
Business Intelligence
Chinese oil firms have agreed to buy a total of about 1.04 million barrels per day of crude from Saudi Arabia under a term pact finalised for 2010, roughly 12%above the 2009 contract level, trading sources told Reuters.
The pace of growth quickens from a rate of under 10% seen this year over 2008, as demand in the worlds No.2 oil consumer looks poised to recover more on the back of Chinas solid economic expansion.
The 2010 amount includes about 200,000 barrels per day of supplies to Fujian Refining & PetroChemical Co Ltd (FREP), which is 25$ owned by state-run Saudi Aramco.
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