China's net crude-oil imports may grow at the smallest pace in at least six years in 2012 as the world's second-biggest economy slows, estimates released by state-owned China National Petroleum Corp. show.

The nation may buy from overseas 266 million metric tons more crude than it exports, CNPC said in a report on its website today. That's a 5.9 percent increase from a year earlier and the slowest growth since at least 2006, according to Bloomberg News calculations based on customs data.

The Chinese economy expanded at the slowest pace in 10 quarters in the October-to-December period as Europe's debt crisis curbed export demand and the property market weakened. Oil-product demand growth may ease in the first half before accelerating in the second as the nation's economy stabilizes, China's biggest energy producer said in the report.

China won't need to “pull in sizable diesel imports” to meet its needs as demand slows and the nation increases oil- processing capacity, Soozhana Choi, Deutsche Bank AG's head of Asian commodities research based in Singapore, said in an e- mailed note yesterday.

The world's largest energy user may increase oil-refining capacity by 38.2 million tons this year to 578 million, CNPC said. That's 11.6 million barrels a day, according to Bloomberg News calculations.

There may be excess gasoline production this year as oil- product output rises more than 5 percent to 280 million tons, CNPC said. Diesel supply and demand will be balanced, the parent of Hong Kong-listed PetroChina Co. said.

China's ethylene production capacity may gain 2.4 million tons to 18.1 million tons a year, CNPC said.

Imports of natural gas may increase 45 percent to more than 45 billion cubic meters and domestic production may reach 110 billion, according to CNPC.

Gas demand may rise to more than 150 billion cubic meters, accounting for 5 percent of total energy demand, CNPC said.