(Xinhua)
Updated: 2007-12-24 11:10

China sold abroad US$3.25 billion worth of oil production equipment and related products, including drilling machines and spare parts and steel oil pipe, in the first three quarters of this year, an increase of 67.4 percent on the same period of last year.

Customs sources said that the United States was the biggest target market of China's exports, while China's foreign sales to Russia, Algeria and India surged by big margins.

From January to September, China sold US$1.04 billion worth of oil production equipment and related products, or 31.9 percent of the total, to the United States, up 29.9 percent.

China's exports to Russia and Algeria, which are major oil producers, amounted to US$190 million and US$130 million worth, respectively, up 10.2 folds and 420 percent. Sales to India soared 59.8 percent to US$270 million worth.

Of the total oil equipment exports, State-owned enterprises accounted for 53.5 percent, or US$1.74 billion worth, up 60.3 percent, foreign-funded and private companies made up US$770 million and US$610 million worth, up 79.1 percent and 71.6 percent respectively.

The robust export was buoyed by strong demand worldwide, the customs sources said.

Price hikes prevailed the world's oil markets this year, and the ensuing big profits prompted major oil producers to expand business and increase investment, the sources said. Moreover, major oil producers in the Middle East, America and Russia are entering a period of equipment upgrading.

Meanwhile, China has made progress in oil equipment manufacturing over recent years, with oil exploiting and drilling equipment up to the world's advanced standards. Besides, these products boast advantage in prices on international markets, according to the sources.