28 Mar 2024
Friday 21 June 2013 - 15:29
Story Code : 34161

China fuel oil imports climb to five-year high on Iran supplies

Chinas fuel oil imports surged to thehighest levelin five years last month as the country boosted purchases fromIran, customs data show.
Imports of the residual fuel, used bypower plantsand so-called teapot oil refineries, rose 19 percent to 2.83 million tons from a month earlier, according to data e-mailed by the General Administration of Customs in Beijing today. Thats the most since May 2008. Shipments from Iran climbed to 526,203 tons in May, the highest since February 2004 when Bloomberg started tracking the data.

Iran ranked as Chinas second-largest fuel oil supplier in May after Russia, which shipped 632,078 tons, the data show.Singaporewas the third-biggest with 460,872 tons. Supplies from Iran cost $609.98 a ton, compared with $629.49 from Singapore and $685.75 from Russia, according to the data.

China bought a total of 804,034 tons of Iranianfuel oilin the firstfive monthsof this year, compared with about 1,322 tons in 2012 and 428 tons in 2011.

The nation imported 2.4 million tons ofcrudefrom the Persian Gulf country in May, 6.4 percent more than a year earlier, the data shows. Thats the biggest volume since December.

By Bloomberg

 

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