BEIJING - China will pump about 10 million tonnes or 73 million barrels of imported oil into its storage facilities in 2011, according to research by top Chinese oil and gas producer China National Petroleum Corp (CNPC). The Research Institute of Economics and Technology under CNPC did not explain whether the stockpiling is for strategic, commercial or both purposes. China had 178 million barrels of state strategic oil reserve capacity and 168 million barrels of commercial oil storage at the end of 2010, according to a report by the research unit. China will import 264 million tonnes or 5.27 million bpd of crude oil in 2011, the report said. The crude imports would be 10.2 per cent higher than in 2010, according to data from the customs department. The report forecast 63 million tonnes of crude imports in the first quarter, 65.7 million tonnes in second quarter, 68.2 million tonnes in third quarter and 66.7 million tonnes in fourth quarter. All oil imports, including crude and oil products, will amount to 276 million tonnes this year, the report said.

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