China worried about higher reliance on imported oil

08:39, December 24, 2010      

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It is predicted that in the year 2010, 55 percent of all crude oil in China would be imported from overseas, said the Beijing News Thursday, citing information from the National Development and Reform Commission (NDRC).

From January to November, China is estimated to have imported 218.45 million tons of crude oil, a 19.8-percent increase on a year-on-year basis.

In the past 10 months, the country consumed 190 million tons of refined oil, an increase of 10.6 percent compared with the same period last year.

And the country may go wilder on oil import in the next five years, since domestic consumption increases and the output cannot catch up, added Li.

According to him, importing more and more oil will not pose a threat to the country's energy supply, as it is backed on its overseas acquisitions and constructions of pipelines in Russia and other nations.

Source: Global Times
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