Kuwait crude oil exports to China up 15.4 percent in first half of 2012

Kuwait’s crude oil exports to China in the first half of 2012 reached 5.42 million tons, equivalent to around 218,000 barrels per day (bpd), which is up 15.4 percent from the same period of 2011, the latest government data showed.
Kuwaiti share of Chinese crude oil imports in the January-June period stood at 2.5 percent, according to the General Administration of Customs. In June alone, Kuwait’s shipments to the world’s second-biggest energy consumer fell 26.1 percent on the year to 134,000 bpd.
China’s overall imports of crude oil in June rose 10.3 percent from a year earlier to 5.31 million bpd. Saudi Arabia remained China’s top supplier with its shipments jumping 26.1 percent to 1.20 million bpd, followed by Angola with 920,000 bpd, up 89.8 percent. Iran became third with imports from the country shrinking 2.1 percent to 2.60 million tons (635,000 bpd), although it posted a 17.3 percent growth from May’s 2.22 million tons (529,000 bpd).
China, Iran’s biggest oil importer, said that its oil imports from Iran are fully reasonable and legitimate, opposing US financial sanctions against Iran.

n June, the US exempted China from financial sanctions, citing its efforts to sharply reduce oil purchases from the Middle Eastern country.
Kuwait has been in talks to build a 300,000 bpd refinery in the southern Chinese city of Zhanjiang with Sinopec and French oil giant Total as part of its aim of more than doubling crude exports to China to 500,000 bpd.

Kuwait News Agency , Jul 24 2012