Manufacturing News

China to depend more on oil, natural gas imports in the future - vice premier

China needs strategic oil reserves which combine government and corporate facilities.

BEIJING (AFX) - China's Vice Premier Zeng Peiyan said China will depend more on oil and natural gas imports in future due to the rapid rise in demand for energy, the official Xinhua news agency reported.

Zeng also said that China needs strategic oil reserves which combine government and corporate facilities. It also needs to create a reserve safeguard fund, he said, without giving details, according to Xinhua.

China has said it will set up a strategic oil reserve but it has said it does not want to stock the reserve with prices at their current high levels.

China has selected four sites for facilities to hold its oil reserve. Currently only one in Zhoushan in east China is under construction.

Earlier reports said China is considering three options to raise the safeguard fund, meant to ensure that the reserve can be paid for, including issuing bonds, imposing an oil consumption tax or just using government budget appropriations.

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