Crude oil imports from the Middle East are down after the
government looked to other nations to secure its energy supply, the
commerce ministry said.
Liang Shuhe, deputy director of the ministry's foreign trade
department, said the ratio of China's imports from the region to
total oil purchased overseas dropped to about 40 percent last
year.
"But several years ago, nearly half of our crude oil imports
came from the region," Liang told an economic growth and energy
forum yesterday.
With Russia, Iran, Venezuela and African nations selling oil to
China, "our crude oil supply is secure", given complicated
geopolitics in the Middle East, Liang said.
He said oil imports would increase steadily, bringing benefit to
both resource-dependent countries and China's economic and social
development.
Nigerian Energy Minister Odein Ajumogobia recently told China
Daily that Chinese companies are good at oil exploration
technology and infrastructure construction. "There are many
business opportunities between our two countries in oil exploration
and trade," Ajumogobia said.
Imports from Africa currently account for more than 30 percent
of China's imported oil. Less than 20 percent of the coal-dependent
nation's energy demand is met by oil.
Liang also said China's crude oil imports rose 12.4 percent in
2007 over the previous year to a new record of 163.17 million
tons.
But exports fell 38.7 percent year-on-year to 3.89 million tons
last year, according to the Customs.
Falling imports and rising exports were largely due to price
hikes on world oil markets, said Niu Li, a researcher at the State
Information Center.
(China Daily January 17, 2008)
