China posts double-digit growth in LPG import in 2007
Updated: 2008-03-15 13:49
BEIJING -- China imported 6.98 million tons of liquefied petroleum gas (LPG) at a cost of US$3.09 billion in 2007, a year-on-year growth of 15.2 percent and two percent, respectively.
Of the total, liquefied natural gas accounted for 41.7 percent, or 2.91 million tons, up 320 percent, sources with the General Administration of Customs said on Saturday.
Foreign-funded companies made up 83.4 percent, or 5.82 million tons, of China's total LPG imports, up 37.5 percent.
Last year saw China buy 3.38 million tons of LPG, or 48.5 percent of the total, from Australia, up 100 percent, and 2.83 million tons, or 20.6 percent of the total, from the Middle East, down 23.5 percent.
Industry observers said China would continue to suffer short supply of LPG in a short term, as importers' enthusiasm dampened by little profit of arrivals at home.
Persistent price hikes for oil and increasing shipping cost worldwide shored up LPG prices and then import cost. But the nation is yet to deregulate LPG prices on domestic markets, leading to limited profits for LPG importers, according to the observers.
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