China's Petroleum Import to Hit 100m Tons in Five YearsChina will face a yawning gap between demand and supply of energy resources. By 2005 its petroleum imports will hit 100m tons, and by 2020 over 50 percent petroleum supply would depend on imports.This was revealed by Chen Heping, an official with the State Planning Commission, on March 21. In 2000 China imported over 70m tons at a cost of US$20bn. In a special speech delivered at the conference-- "Northeast Asia Forum on Sustained Energy Utilization and Consumers' Education", Chen said that from 1993 China began to become a net importer of energy resources, with yearly petroleum import increasing around 10m tons and the amount tending to grow on an annual basis. It is reported that even under the condition wherein China uses advanced technology, continues to save energy, accelerate the exploitation and utilization of renewable energy and optimize the allocation of resources by depending on market forces, China will still be short of 8 percent energy by 2010 and about 24 percent by 2040, of which petroleum shortage may reach several hundred million tons. Dependence on imports had jumped from 6.6 percent in 1995 to 25 percent in 2000. The figure is expected to rise to 30 percent by 2010 and further to top 50 percent by 2020. By PD Online staff member Li Heng |
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