China is now the world's third largest oil importer after the United States and Japan. Last year, China imported 127 million tons of crude oil and more than 30 million tons of refined oil.

China's crude oil imports are expected to rise to 130 million tons this year and the figure will surge to over 200 million tons in 2010.

Shanghai-based CSGC, founded in 1997, is one of China's two major state-owned ocean shipping companies. Total tonnage for its 450 ships is 15 million weight tons. It can carry 60 million tons of crude oil and processed oil annually.

Beijing-based CSSC, founded in 1999, is a huge conglomerate and state-authorized investment institution directly administered by the central government.

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