China’s dependency on foreign oil nears 60 pct in 2014
China’s dependency on imported oil and natural gas grew to about 60 percent and 32.2 percent respectively in 2014, aaccording to a report released by China National Petroleum Corporation (CNPC) Economics & Technology Research Institute.
China imported 308 million tonnes of oil and 59 billion cubic meters of natural gas last year.
The report put China’s annual energy consumption at 3.85 billion tonnes of standard coal last year, growing slower at 2.7 percent year on year.
China had built six national strategic oil reserve bases and 25 commercial reserve bases by the end of last year, with a reserve capacity of 141 million barrels and 307 million barrels respectively, the report said.