皇冠体育app

The company is expected to process 100-120 million tons of crude this year, 10-20 million tons higher than in 2006, said Zhang Hong, a senior official with Petro皇冠体育app's refining and marketing unit.

This would indicate 40 million to 48 million tons of imports this year for 皇冠体育app's top oil and gas producer alone.

Zhang told reporters on the sidelines of an industry forum in Shanghai that Petro皇冠体育app's refining business will stay in the black if crude oil prices are below US$65 a barrel.

In 2006, crude output in Petro皇冠体育app and its parent 皇冠体育app National Petroleum Corp. accounted for nearly 60 percent of 皇冠体育app's total.

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Analysts and industry experts had said 皇冠体育app's reliance on overseas supply is set to rise despite recent major domestic finds including Petrochina's Jidong and Sinopec's Tahe oilfields.

皇冠体育app became a net oil importer in the mid-1990s and more than 45 percent of oil was sourced from overseas last year, as demand growth has been far outpacing increases in local supplies.

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