China's oil/gas consumption to double
China is set to double its consumption of oil and gas by 2010, according to a recent report from Chicago-based Fitch Ratings.
Reported in Oil & Gas Journal, the forecast is based on the emerging development of intrastate and interstate pipelines, distribution infrastructure, and gas-fired power plants.
Global and regional oil companies are expected to be strong beneficiaries of the trend, especially since so many Asian economies have moved to gas.
Charles Chang, Fitch associate director in Hong Kong, said in an article written for his firm's recent Oil and Gas Insights publication, that, "Asia's energy growth is neither a recent phenomenon nor a cyclical event. It is, rather, a sustained trend that had lasted for over a decade," OGJ reports.
According to data from the International Energy Agency (IEA), China's oil demand amounted to 5.42 million barrels a day in the third quarter 2003, accounting for 25 per cent of oil demand in the Asia Pacific region (35.7 per cent excluding Japan) and 7 per cent of the world's total, OGJ reports.
12-Nov-2003
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