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China’s oil demand to top 608 million tons by 2020
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China’s annual oil demand is likely to reach 608 million tons, while the need for natural gas will possibly climb to 300 billion metric tons per year by 2020, an official said at the 2015 China Petroleum and Chemical International Conference that closed today.
Sun Longde, a senior official at China Petroleum and Chemical Industry Federation, gave the information as he stressed the importance of China’s cooperation with Russia in terms of energy needs.
He said the annual production of oil and natural gas from Russia is possible to reach 526 million tons and 820 billion metric tons by 2020, and the two countries would be very much supplementary both in resource supply and the energy market.
Russian energy officials said the country expects to attract foreign investments as much as US$1.3 trillion by 2020 and China will hold huge potential for that. In 2014, China invested a total amount of US$5 billion.
Li Shousheng, party secretary and acting chairman of China Petroleum and Chemical Industry Federation, said today China’s oil and chemical industry generated a revenue of 14.05 trillion yuan (US$2.21 trillion) in 2014.
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