Latest News:  
Beijing   Light rain/Sunny    11 / 4 ℃  City Forecast

English>>China Business

Share of imported oil to rise

By Du Juan (China Daily)

09:19, November 16, 2012

A foreign oil tanker unloads at an oil terminal at a port in Ningbo, Zhejiang province. A researcher said that China, the second-largest economy in the world, will have to depend more on crude oil imports to fuel its economic development in the coming years. Zhang Heping / For China Daily

Africa, South America, Caspian Sea to become larger sources of crude

China will import about 60 percent of the 500 million metric tons of oil it uses next year, government officials said on Thursday.

"The country's use of crude oil will continue to increase in the coming years but at a modest pace," said Gao Shixian, assistant director-general of the energy research institute of the National Development and Reform Commission.

This year, China is expected to import about 280 million tons of crude oil, or 57 percent of all of the oil it uses, according to an industrial report from China National Petroleum Corp's Economic and Technology Research Institute.

Since China became a net importer of crude oil in 1993, it has gone from importing 6 percent of the oil it consumes to more than 50 percent in 2009.

"The relationship between China and the world in the oil industry will become even deeper," said Zhong Shan, vice-minister of commerce, during the first China International Oil and Gas Trade Conference, held in Shanghai on Thursday.

China is calling for greater cooperation with foreign companies that are engaged in oil and gas exploration.

He added that emerging economies' increasing demand for crude oil, including China's, has helped bring stability to the global crude market.

【1】 【2】 【3】

We recommend:

A Decade of Fastest Development

Eastern Boom Lightens Western Gloom

Chinese firms 'potential Trojan horses'? slows

AVIC unveils new aircraft engines

Oct. data released, inflation slows

13th Int'l Automobile Industry Exhibition

China Int'l Industry Fair opens in Shanghai

Caofeidian coal wharf put into use

Galaxy Soho building in Beijing


Leave your comment0 comments

  1. Name


Selections for you

  1. China’s J-10 fighters give performances

  2. Daily Review of Airshow China

  3. Sky-gazers gather in N. Australia

  4. 'Gangnam style' life of young rich

  5. Luxurious antique style vessel with 5D cinema

  6. Galaxy Soho building in Beijing

  7. Su embroidery: stunning Chinese folk arts

  8. Who looks better?

Most Popular


  1. China should change growth model
  2. Bell Helicopter identifies China as strongest market
  3. RQFII quota expansion to bolster stock market
  4. IPR pirates face tougher prison terms
  5. Why 'Diaosi' gets so popular in China
  6. Reliance on investment should be reduced
  7. Live and let learn
  8. Coddled kids in need of tougher sports
  9. Commentary: Turning point for growth
  10. Airline outlook: Less turbulence, more profit

What’s happening in China

'Gangnam style' life of young rich in Chongqing

  1. Police warn seniors about telecom scams
  2. Wedding gifts on school uniforms?
  3. Tiger' parenting more like folk prescriptions
  4. Dead mosquitoes lead to road accident
  5. Rhinestone motorist fails to impress police