Thirsty China Emerges As World's Second-Largest Oil Consumer Jun 05
- ID: 1886471
- June 2005
- Region: Global, China
- Standard & Poors
China has an insatiable appetite for energy. In only 10 years, the country has changed from a petroleum exporter into the second-largest oil consumer in the world. In 2004, it consumed about 314 million tonnes of oil, a 14.2% increase year on year. China's oil consumption is expected to further increase to 320 million tonnes in 2005, with crude oil imports exceeding 140 million tonnes. If the country is to modernize further, its demand for oil and other energy resources will continue to grow significantly. Government officials are acutely aware that expanding China's energy resource base is critical to the future security of the country and are concerned over the adequacy of existing reserves and the safety of supply routes....
Companies mentioned in this report are: Unocal Corp.,China (People's Republic of ),Shell Petroleum Co. Ltd.,CNOOC Ltd.
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