China will rely on oil for more than half of its energy by 2010, when net imports will rise to between 180 million tons and 200 million tons of oil a year, a Chinese official said.
“China should import more energy – that’s the picture for oil and gas,” Gao Shixian, director of energy economics and development strategy at China’s National Development and Reform Commission, said at a conference in London today. “Energy diversification is a priority for China.”
The world’s second-largest oil consumer after the U.S., China relies on coal for two-third’s of its energy. Rapid growth in Chinese demand helped send oil prices to record levels last year.