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China increasingly dependent on oil imports

(People's Daily)

13:47, October 20, 2011

Edited and translated by Ma Xi, People's Daily Online

China's territorial resources bulletin in 2010 released by the Ministry of Land and Resources on Oct. 19, 2011 revealed that China's minerals trade increased more than 42 percent compared with last year, the dependence ratio on foreign oil was over 54 percent and dependence on foreign iron ore was more than 53 percent.

The bulletin said the outputs of China's main energy resources, metals and non-metallic mineral products increased by a large margin in 2010. Oil reserves increased by about 1.1 billion tons. Last year China's oil demand was 380 megatons, while output was only 203 megatons, which necessitated the import of a large amount of crude oil.

China's investment in geological mineral exploration in 2010 was 95.3 billion yuan, with a year-on-year increase of 14.7 percent. Two oil fields with over 100 million tons and six gas fields with 30 billion cubic meters were found last year.

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