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China's net crude imports to rise 5.9% in 2012

Feb. 6, 2012 (China Knowledge) - China, the world's second-largest oil consumer after the U.S., may see the growth in net crude oil imports slow to 5.9% this year, reflecting the lowest level in 2006, said China National Petroleum Corp or CNPC, the parent company of PetroChina Co Ltd<601857><0857>, in a statement.

The Chinese oil giant said that the slowdown in net crude oil imports was due to a slowing domestic economy.

The country's net crude oil imports are expected to reach 266 million metric tons this year.

CNPC estimated that China's crude oil output may be about 220 million metric tons in 2012.

In 2011, China's crude oil imports climbed 6% year on year to 254 million metric tons, and import value surged 45.3% year on year to US$196.66 billion.

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