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Crude oil import to hit 110m tons in 2004
(Xinhua)
Updated: 2004-08-04 13:53

A recent analysis report of the Ministry of Commerce forecasts China's crude oil import will reach 110 million tons in 2004, up 21 percent year-on-year and setting a new record.

The report also forecasts that refined oil import would rise around 40 percent to 40 million tons this year.

Customs statistics show China imported 61.02 million tons of crude oil valued at approximately US$15.17 billion in the first half of this year, up 39.3 percent and 57.4 percent year-on-year respectively. China imported 19.85 million tons of refined oil valued at approximately US$4.46 billion, up 56.6 percent and 66.1 percent respectively.

Analysts with the Customs General Administration said more than one third of China's oil supply now comes from imports. Rising prices of imported oil would influence China's trade balance, industrial production, cost of transport and national economy in a negative way.

Chen Haoran, chairman of the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters (CCCMC), said as a country short of energy, China should take measures to avoid waste of energy and improve the efficiency of the use of energy.

"Proceeding from the conditions of China, we cannot afford production and lifestyles that feature high consumption of energy," said Chen.

He suggested that while cars are entering Chinese households in large numbers, the government should take measures to restrict the use of high energy consumption cars. Meanwhile, it should encourage the production of economy cars and give priorities to the development of track-based communication and mass transit.

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