National crude demand would exceed 550 million tonnes by 2020, compared with about 400 million tonnes in 2009, National People's Congress member Chen Geng told the China Energy News in an interview published on Monday.
Chen, also a former general manager of state-owned China National Petroleum Corp (CNPC), the country's top oil producer, said it was unlikely China would increase domestic oil production above 200 million tonnes in the next 10 years.
"That means we have to import about 350 million tonnes of oil by then," he told the newspaper.
China imported 204 million tonnes of crude oil last year, and produced about 190 million tonnes. The level of reliance on external supply has prompted calls for the government to move to safeguard sustainable oil supply.
Chen suggested a diversification of oil import sources and increased stockpiles of strategic crude reserves.
"Current state crude reserves are far lower than sufficient," he said in the interview.
China finished filling the 102-million-barrel first phase of strategic crude reserves in early 2009 and has started construction of the second phase with a total capacity of 170 million barrels.
Beijing should also build up more state reserves of refined fuel products, a member of parliament was quoted as saying by a local newspaper.
State reserves of refined fuel products, including gasoline, jet kerosene and diesel, should be equivalent to two weeks of domestic demand, Wang Yuying, a former top official of Sinopec Yanshan, told the China Petrochemical News, an in-house newspaper of Sinopec (0386.HK)(600028.SS)(SNP.N).
Wang called for a refined fuel stockpile of 8.6 million tonnes in 2010 and 11.1 million tonnes in 2015.
Beijing last year approved a plan for refined fuel reserves of 10 million tonnes by 2011, as part of its economic stimulus plan, an industry official familiar with the plan told Reuters.
source: REUTERS
Chen, also a former general manager of state-owned China National Petroleum Corp (CNPC), the country's top oil producer, said it was unlikely China would increase domestic oil production above 200 million tonnes in the next 10 years.
"That means we have to import about 350 million tonnes of oil by then," he told the newspaper.
China imported 204 million tonnes of crude oil last year, and produced about 190 million tonnes. The level of reliance on external supply has prompted calls for the government to move to safeguard sustainable oil supply.
Chen suggested a diversification of oil import sources and increased stockpiles of strategic crude reserves.
"Current state crude reserves are far lower than sufficient," he said in the interview.
China finished filling the 102-million-barrel first phase of strategic crude reserves in early 2009 and has started construction of the second phase with a total capacity of 170 million barrels.
Beijing should also build up more state reserves of refined fuel products, a member of parliament was quoted as saying by a local newspaper.
State reserves of refined fuel products, including gasoline, jet kerosene and diesel, should be equivalent to two weeks of domestic demand, Wang Yuying, a former top official of Sinopec Yanshan, told the China Petrochemical News, an in-house newspaper of Sinopec (0386.HK)(600028.SS)(SNP.N).
Wang called for a refined fuel stockpile of 8.6 million tonnes in 2010 and 11.1 million tonnes in 2015.
Beijing last year approved a plan for refined fuel reserves of 10 million tonnes by 2011, as part of its economic stimulus plan, an industry official familiar with the plan told Reuters.
source: REUTERS
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