• Wednesday, October 14, 2015

Nearly two-thirds of China's oil to come from imports in 2013

Staff Reporter 2012-11-22 08:52 (GMT+8)
An oil transmission facility in Qinghai province. (File photo/Xinhua)

An oil transmission facility in Qinghai province. (File photo/Xinhua)

Imported oil will account for around 60% of China's total consumption of the commodity in 2013, reports Chinese news website CRI Online.

Yu Baocai, vice general manager of the China National Petroleum Corporation, said China has become the world's second largest consumer of oil — 460 million tonnes in 2011. China's oil consumption per head has reached 60% of the global mean and this is only expected to keep rising, said Yu.

The country's reliance on imported oil has been increasing over the past few years, according to the country's 2012 energy white paper. The nation imported 56.5% of its oil in 2011, up 1.7% from a year earlier.

Chinese companies have become key players in international oil exploration, which in 2011 produced 150 million tons for national consumption. The country also hopes to attract more foreign firms to explore and develop local oil resources. Already some 32 foreign companies have signed more than 200 contracts with Beijing to develop China's oil resources.

Emerging markets such as China and India have clearly demonstrated their prodigious demand for energy resources, in contrast to the slower growth in demand for traditional fuel sources brought on by the faltering economies and attempts to move away from dependence on fossil fuels in some Western countries.

North America, Europe and Commonwealth nations only account for 0.2% of growth in global annual energy consumption, clocking an increase of 2.67% from 2000 to 2010. The figure for the Asia-Pacific over the same period, however, was 6.34%.

Who`s who »
Yang Chuantang (楊傳堂)

Yang Chuantang is China's minister of transport. A native of Yucheng, Shandong province, he joined the CPC in 1976. Yang began his career in Shandong at the No. 2 Fertilizer Plant of the Shengli ...