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China's demand for oil products to grow 5% annually

(Xinhua)
Updated: 2010-03-26 13:23
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XIAMEN: China's demand for oil products will grow at average annual rate of 4 percent to 5 percent in the 2010-15 period, according to Zhang Fuqin, deputy chief engineer with China Petroleum Planning and Engineering Institute.

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Zhang said her prediction was based on an annual GDP growth rate of 7.5 percent.

She predicted that China would need 216 million tonnes of oil products in 2010, 286 million tons in 2015 and 336 million tons in 2020, when nearly 60 percent of China's annual oil consumption would be met with imports. The nation's reliance on imported oil remained at around 50 percent at present.

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