UPDATE 1-India's crude imports slashed by slowdown, maintenance

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By Nidhi Verma

NEW DELHI, Jan 27 (Reuters) - India's crude oil imports slumped in December to their lowest in more than four years despite Reliance Industries' new refinery coming on stream, as demand sank amid an economic slowdown and maintenance shutdowns.

India's crude imports plummetted an annual 40 percent during the month to 6.85 million tonnes or 1.62 million barrels per day (bpd), a level not seen since November 2004, as state refiners slashed purchases by three-fifths.

Unlike in rival China, where demand fell for a second month in December, consumption in Asia's third-largest economy grew, albeit at a modest 4.4 percent from a year ago to 11.61 million tonnes in the month, reflecting sluggish industrial production.

India's refinery runs grew a pedestrian 3 percent in December. <O/INDIA1>

Petroleum Secretary R.S. Pandey recently said oil demand was expected to remain at last year's level of 6 percent in 2009.

Reliance (RELI.BO: Quote, Profile, Research) last month commissioned its 580,000 bpd refinery in western India, making its Jamnagar complex the world's biggest refinery hub, processing 1.24 million bpd.

Indian demand may have slowed more sharply in January due to strikes by millions of truckers and workers at state oil firms.