Experts believe China faces oil security challenge

Oct 14, 2005 02:00 AM

Energy experts warned that China's dependence on oil imports will possibly surpass that of the United States by the year 2020 and the country is facing an oil security challenge.
Quoting energy experts attending a symposium in Urumqi, capital of northwest China's Xinjiang Ugyur Autonomous Region, the paper said that in 2020, China's oil consumption will soar to 500 mm tons, and 300 mm tons have to be imported from abroad.

China's dependence on imported oil will stand at 60 %, while the United States' oil imports currently account for 50 % of its total consumption.
Experts said that among China's oil consumption, over 80 % is used in oil refining, chemical fibre and the chemical raw material industries. China's economic development will be seriously affected if these industries cannot get a sufficient oil supply in the future, they warned.

China became a net refined oil importer in 1993 and a net crude oil importer in 1996.
Last year, China imported 123 mm tons of crude oil, makingup 35 % of its consumption.

Source: Xinhua
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