China to be the world's 2nd largest oil importer

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Last updated at: (Beijing Time) Friday, November 21, 2003

China to be the world's 2nd largest oil importer

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China's consumption of crude oil has seen rapid growth in recent years, and China will surpass Japan to become the second largest crude oil importing country in the coming year, said Wang Jiming, president of China Petroleum and Chemical Corporation (CPCC).

Wang made the remarks at an international summit on mergers and acquisitions Thursday in Beijing. He also predicted that the totalimport volume of China's crude oil this year will be over 80 million tons.

When asked to comment on CPCC's risk management on the potential energy crisis, Wang said CPCC could secure the oil and gas supply by enlarging importation while actively seeking high-quality overseas resources.

Wang stressed that the Chinese oil giant would promote an integrated approach to secure the oil and gas supply.

"We will not put all our money in one basket," Wang said, adding that the corporation would conduct oil purchases in north Africa and southeast Asia besides the traditional Middle East region.

Wang said CPCC would boost cooperation with overseas partners by participating in the shareholding companies and providing technical services.

CPCC would also use trade advantages to promote cooperation with overseas oil companies on resource exploitation, Wang said, revealing that the corporation imports 60 to 70 million tons of crude oil per year.

CPCC is one of the biggest Chinese oil enterprises and is listed on the stock markets of Hong Kong, New York, London and Shanghai.

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