China expects to increase oil production

China expects to increase oil production

China said it expects its oil production in 2010 increased by 1% to 2%. This is less than expectations of previous estimates. Yu said Bochai vice president of China National Petroleum CNBC estimates increase by 0.5% on estimates of the Ministry of Planning and Chinese. It was China's output of crude oil fell last year by 0.4% to 189.49 million tonnes (3.79 million barrels per day), according to the National Bureau of Statistics. China relies on crude oil to fill more than half of its energy needs, and will increase dependence on imported oil in the next decade. China is the world's second largest consumer after the United States. Said Su Shulin, general manager of PetroChina said the company increased its production of oil products in the last year. He added that Sinopec parent company of Petro China will produce 205 million tons of oil products in 2010, an increase of 11.4% compared with 2009. On the other hand, said Chinese Foreign Minister Yang Jiechi said that the exports of African oil, which represented only 13% of total exports, which is less than the quantities exported from the continent to Europe and the United States, accounting together for more than 30%. The minister said at a news conference on the sidelines of the ongoing parliamentary session in Beijing that China's investment in the African oil sector accounts for "1 to 16" of the total world's investment in this sector. And at least as far as Chinese investment is also on the investments of the United States and Europe in it. He defended the growth of relations among China and Africa in the areas of trade and other economic areas. In November last China has pledged to provide soft loans to Africa $ ten billion.

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Hatem Salah
www.1001e-books.blogspot.com

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