China to import half its oil this year

Interfax China reported that China will meet approximately 50% of its oil demand this year with imports, the highest proportion to date.

Mr Tian Chunrong a researcher with China Petrochemical Corp said that China will consume 391 million tonnes of oil this year over 6% more than in 2007 when imports accounted for 47% of all oil consumed.

He said that soaring international crude oil prices have not affected domestic demand because of government price controls, adding that the country's rapid economic growth and large oil purchases in the lead up to the Olympics will lead to an increased import figure for this year.

Mr Tian predicted that China's dependence on imported oil will rise to 55% in 2010 and to 66% in 2020 as more refineries come online.

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