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Crude oil import to hit 110m tons in 2004
(Xinhua)
Updated: 2004-08-04 13:53
A recent analysis report of the Ministry of Commerce forecasts China's crude
oil import will reach 110 million tons in 2004, up 21 percent year-on-year and
setting a new record.
The report also forecasts that refined oil import would rise around 40
percent to 40 million tons this year.
Customs statistics show China imported 61.02 million tons of crude oil valued
at approximately US$15.17 billion in the first half of this year, up 39.3
percent and 57.4 percent year-on-year respectively. China imported 19.85 million
tons of refined oil valued at approximately US$4.46 billion, up 56.6 percent and
66.1 percent respectively.
Analysts with the Customs General Administration said more than one third of
China's oil supply now comes from imports. Rising prices of imported oil would
influence China's trade balance, industrial production, cost of transport and
national economy in a negative way.
Chen Haoran, chairman of the China Chamber of Commerce of Metals, Minerals
and Chemicals Importers and Exporters (CCCMC), said as a country short of
energy, China should take measures to avoid waste of energy and improve the
efficiency of the use of energy.
"Proceeding from the conditions of China, we cannot afford production and
lifestyles that feature high consumption of energy," said Chen.
He suggested that while cars are entering Chinese households in large
numbers, the government should take measures to restrict the use of high energy
consumption cars. Meanwhile, it should encourage the production of economy cars
and give priorities to the development of track-based communication and mass
transit.
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