This news is from Xinhuanet: “-With the rapid growth of the national economy, the gap between supply and demand of petroleum and natural gas keeps widening in China. Owning limited exploitable petroleum and gas reserves, the country, still inefficient in energy consumption, has become aware the importance of economical use of resources.
China’s demand for oil rose by 11.4 percent in 2003, making it the world’s second largest oil importer after the United States.
Industry insiders predict that China’s oil demand may surge to 400 million tons in 2020, with an average increase of 12 percent per year. ”
