China Oil Demand Weakens
The Associated Press | Published: November 18, 2008
BEIJING: Fuel demand in China has weakened sharply since September due to the global financial crisis, the country's biggest oil company says.
China National Petroleum Corp. has suffered a "fairly big impact," its president, Jiang Jiemin, said in a Nov. 14 speech to employees, according to a transcript on the company's Web site. Jiang gave no details.
"Especially since September, the impact is more obvious and prominent. Basically, it is reflected in such things as a sharp shrinking of consumer demand," Jiang said, according to the transcript.
China's economic growth slowed in the latest quarter to 9 percent, down from 11.9 percent last year.
Sales of gasoline and diesel at State-owned CNPC, the parent of publicly traded PetroChina Ltd., and its rival China Petroleum & Chemical Corp., also known as Sinopec, have grown at annual rates of more than 10 percent in recent years.
Sources :
- International Herald Tribune : China oil demand weakens due to global crisis
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