OIL

China doubles railway crude imports

CHINA doubled the amount of crude oil it imported by train last year, bringing in some 7.95 milli...

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In order to further increase imports via rail, local media said the ministry and Russian Railways signed a summary of negotiations for further cooperation last November, with both sides agreeing to work together to create more border checkpoints.

Under the agreement, China will also use the railways to export 10 million tonnes of crude oil to Russia this year, with an increase to 15 million tonnes planned for next year.

Asia Pulse said in the meantime, the Chinese ministry also signed another agreement concerning cooperation in railway transport with the departments of transportation and telecommunications of Kazakhstan, which borders China in the Xinjiang Uygur Autonomous Region.

Analysts say Asia's energy-hungry giants, China and India, are increasingly competing for supplies and driving up prices for crude oil and other energy commodities.

TransportIndustryNews.net

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