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November 18, 2016

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Home » Business » Energy

Diversity sought for energy sources

By Wang Yanlin | November 18, 2016, Friday | Print Edition

CHINA will further diversify its sources of crude oil and gas while reducing its reliance on external supplies, officials said at the China International Oil and Gas Trade Congress in Shanghai yesterday.

“We have seen steady increases of oil and gas imports in recent years, but the country needs to cut its reliance on the external supply of such products,” said Zhao Yong, president of China National United Oil Corp.

“On one hand, we will seek diversified partnerships to guarantee the supply; On the other hand, we will explore ways to cut energy consumption,” Zhao said during the congress, organized by the Shanghai Commission of Commerce and supported by the Ministry of Commerce.

According to industry data, China consumed 540 million tons of crude oil last year, of which 60.8 percent were imported, up from 41.2 percent in 2005 and indicating an increasingly heavy reliance on external supplies. More than half the imports came from the Middle East. Russia is also a major supplier.

China is the world’s largest oil consumer after the United States.

To reduce the reliance on imports, China will also enhance efforts to develop cleaner wind and solar energies, Zhao said.

Alessandro Blasi, senior advisor of International Energy Agency, said China now leads the world’s energy investment while investment flows signal a reorientation of the global energy system toward cleaner energies.

“China now drives global energy consumption as well as energy investment, and we have seen a changing landscape of the world’s crude oil and gas market,” Blasi said.

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