China has become a net exporter of refined oil products such as petrol and diesel for first time in more than four years, underlining the growing size and importance of its domestic refining industry.
Exports of oil products were 650,000 barrels a day in March, up 3.4 per cent on the same month a year ago, according to customs data released yesterday. Imports totalled 560,000b/d, down almost 25 per cent on a year earlier and the lowest since August 2012.
Analysts said this was only the third time since records began in 2004 that China had been net exporter of oil products; the others were December 2009 and January 2010.
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