china's crude imports may hit 120 million in 04 vs

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    SINGAPORE -(Dow Jones)- Rapid economic development expected for this year should help lift China's crude imports to 120 million metric tons in 2004 from an estimated 88 million tons last year, China-based industry officials said Thursday.

    China will announce last year's crude import volumes before the Chinese New Year Jan. 22, but industry officials said imports for 2003 will at least reach 88 million tons, up from 69.4 million tons in 2002.

    The officials based their forecast on 8%-8.5% gross domestic product growth anticipated for this year and expected falls of crude supply from major onshore and offshore oil fields.
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