China's crude oil output tops 200 million tons in 2010

15:40, January 21, 2011      

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China's crude oil output in 2010 exceeded 200 million tons for the first time, 5 percent more than the increase last year, according to a report released Thursday by the CNPC Research Institute of Economics and Technology.

The report shows both the domestic demand and processing capacity of crude oil topped 4 million tons and demand for natural gas surpassed 100 billion cubic meters.

China's crude oil enterprises increased the scale of overseas mergers and acquisitions, which totaled more than 30 billion U.S. dollars. Overseas mergers and acquisitions by Chinese crude oil enterprises accounted for 20 percent of total mergers and acquisition across the world and ranked the first.

The output of overseas equity oil of China's three oil giants, PetroChina, Sinopec and CNOOC, exceeded 60 million tons.

China has become the world's major driving force in the development of the oil and gas industry. It is predicted in the report China's crude oil demand in 2011 will amount to 483 million tons and natural gas consumption will reach 130 billion cubic meters.

By Liang Jun, People's Daily Online


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