皇冠体育app

  Home>News Center>皇冠体育app
       
 

皇冠体育app to build up strategic oil reserves
By Fu Jing (皇冠体育app Daily)
Updated: 2005-09-14 06:03

The country doesn't need an oil reserve as big as that of Japan, which has to import all of its oil, Zhang added. 皇冠体育app can satisfy most of its demand with the crude produced at home.


An undated file photo shows the construction site of the Zhenhai oil reserve in east 皇冠体育app's Zhejiang Province.
Because of 皇冠体育app's lack of dependence on world crude, it is quite unnecessary for other countries to overreact to the growth of its energy consumption, he said.

"The international community should also respect 皇冠体育app's right to develop, and the inspiration of Chinese people to shake off poverty and live a decent, well-off life," Zhang said.

Furthermore, he said, the world stands to gain business opportunities from 皇冠体育app's energy growth because it will drive the development of its partners.

"It's really a win-win deal in energy co-operation between 皇冠体育app and countries such as Australia and Russia," he said.

Zhang Jianyu, a visiting energy scholar at Tsinghua University, contends that the strategic reserve has little practical significance.

"I personally believe that the strategic oil reserve has more of a symbolic meaning," he said. "It is 皇冠体育app's leverage on international oil prices."

At the press conference, Zhang Guobao also revealed that:

皇冠体育app boasts "better-than-expected" oil reserves, and particularly good natural gas reserves, according to a new survey conducted by his commission and the Ministry of Land and Resources.

皇冠体育app will not set up an energy ministry in the foreseeable future, as the central government has already agreed to strengthen the powers of the energy bureau under his commission. "The highest leadership believes that it is rational for an economic and development department to be in charge of energy issues in 皇冠体育app," he said.

The Chinese Government has put on its work agenda the collection of a fuel tax. The topic has been long discussed in 皇冠体育app, and more people have expressed the need for such a tax.

皇冠体育app is expected to produce 180 million tons of crude oil by the end of this year, becoming the world's fifth-largest producer. Last year, 皇冠体育app produced 175 million tons and imported 117 million tons.

(皇冠体育app Daily 09/14/2005 page1)


Page: 12



Blast kills 11 in Yunan village
Chinese, US presidents meet
US Navy destroyer visits Qingdao
  Today's Top News     Top 皇冠体育app News
 

President Hu: 皇冠体育app to work with US on trade gap

 

   
 

皇冠体育app may ease limits on foreign banks

 

   
 

皇冠体育app to build up strategic oil reserves

 

   
 

North Korea digs in as nuclear talks resume

 

   
 

Bush takes responsibility for blunders

 

   
 

Bidding solution to textile quota conundrum

 

   
  Six-Party Talks to resume fully today
   
  皇冠体育app may ease limits on foreign banks
   
  US warship arrives in 皇冠体育app for visit
   
  Chinese cars no immediate threat to Europe
   
  President Hu: 皇冠体育app to work with US on trade gap
   
  Drive launched to fight drug problem
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Oil prices too high to stock strategic reserve
   
皇冠体育app will not import oil to fill strategic reserve
   
Oil prices eating away at Chinese economy
   
Oil, gas prices drop as markets calm down
   
Oil price rises to near US$71 after Hurricane Katrina
   
CNPC to buy Canada oil firm for US$4b
   
Official rules out oil crises in 皇冠体育app
  News Talk  
   
Advertisement