Crude oil imported via Tianjin Port in north China rose by 10 percent year on year to hit 1.7 million tons in the first ten months this year, according to statistics released by Tianjin Customs.

The value of the imported crude oil totaled 480 million US dollars, a year on year rise of 41 percent. The price per ton of import crude stood at 284.7 US dollars, an increase of 28 percent over the 2003 corresponding period.

Vietnam and Russia were the port's two major suppliers. Imports from Vietnam were 508,000 tons, 30 percent of the total, and imports from Russia were 320,000 tons, 19 percent of the total. Imports from both Vietnam and Russia increased markedly over last year, customs statistics show.

Customs officers owed the rise in imported crude volume to China's fast economic growth, especially the great demand for crude oil and related products by the power, industrial production, plastic and chemical, transportation and infrastructure construction industries, the closure of several small domestic oil refineries and continued demand for quality crude oil.

Source: Xinhua