China’s net imports of crude oil in August rose to a three-month high as the world’s biggest energy user ramped up purchases for refineries ending maintenance. Net imports rose 1.3 percent from a year earlier to 20.92 million metric tons, or 4.95 million barrels a day, according to Bloomberg calculations based on data released today by the Beijing-based General Administration of Customs. Imports were 21.04 million tons and exports at 120,000 tons, the data show. The annual maintenance season for Chinese refineries is expected to end this month, boosting crude oil needs in the fourth quarter as operating rates increase. Crude imports fell in June below 20 million tons for the first time since February as oil-processing plants shut for maintenance. “The increase in crude imports came on the back of weak imports for several months since maintenance started,” Brynjar Eirik Bustnes, a Hong Kong-based analyst at JPMorgan Chase & Co., said by telephone. “They probably have to fill up some of those tanks in preparation for the end of maintenance.” Crude-processing rates at major refineries are expected to be at about 80 percent in September, compared with 78.46 percent at the end of June, the lowest this year, according to Shandong- based online industry portal Oilchem.net. China bought crude at an average price of $110 a barrel in August, similar to levels in the previous two months and higher than the $73 paid a year earlier, according to calculations based on customs data. Net imports of fuel, including gasoline and diesel, were 1.24 million tons in August, according to calculations based on the data. Net purchases reached a 29-month high of 2.07 million tons in December. --Chua Baizhen. Editors: John Liu To contact the reporters on this story: Chua Baizhen in Beijing at bchua14@bloomberg.net To contact the editor responsible for this story: John Liu at jliu42@bloomberg.net

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