True face of China -- A Modern Kaleidoscope Message Board

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Strategies & Market Trends : True face of China -- A Modern Kaleidoscope

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To: RealMuLan who wrote (245)	9/21/2006 1:32:51 PM
From: RealMuLan	Read Replies (1) of 12464

Thursday, September 21, 2006 (Beijing): ndtvprofit.com Oil imports to fuel China's booming economy soared by 17.6 percent in the first half of this year, despite its efforts to reduce reliance on foreign energy supplies. Net crude oil imports from January to June totaled 492 million barrels, or 43 per cent of China's consumption. China has sharply increased oil imports in recent years to drive its economic boom. State companies have signed multibillion-dollar deals to develop oil and gas fields in Africa, Central Asia and Latin American. But Beijing also is trying to reduce reliance on foreign energy supplies, which it sees as a strategic weakness. It is trying to develop new Chinese oil fields and is promoting conservation and alternative energy sources such as nuclear power. China's imports in January-June included 94 million barrels from Angola, or 18.2 per cent of the total. China's total oil consumption last year was 2.2 billion barrels, which was a slight decline from 2004. (AP)

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