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China's crude oil imports hit record high

China's crude oil
China's crude oil
TOKYO, Jan 13 (KUNA) -- China's crude oil imports jumped 13.0 percent in December from a year earlier to 36.38 million tons, or 8.61 million barrels a day (bpd), marking a new record high, government data showed Friday.
Imports also grew 8.8 percent on daily basis from November's imports of 7.91 million bpd, according to data released by the General Administration of Customs.
Crude oil imports in the whole year of 2016 totaled 7.63 million bpd, also registered a record high with a 13.2 percent growth from 2015 on daily basis.
China drastically increased the quota for non-state crude imports in 2016 as it seeks to attract more private capital in the largely monopolized sector. In 2015, the government gave private refineries, known as "teapot" refiners, the green light to directly import crude oil.
These private refiners are with relatively small capacities, ranging from 20,000 bpd to 100,000 bpd. (end) mk.msa