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Energy experts warned that China's dependence on oil imports will possibly surpass that of the United States by the year 2020 and the country is facing an oil security challenge, Economic Information Daily reported on Thursday.
Quoting energy experts attending a symposium in Urumqi, capital of northwest China's Xinjiang Ugyur Autonomous Region, the paper said that in 2020, China's oil consumption will soar to 500 million tons, and 300 million tons have to be imported from abroad.
China's dependence on imported oil will stand at 60 percent, while the United States' oil imports currently account for 50 percent of its total consumption.
Experts said that among China's oil consumption, over 80 percent is used in oil refining, chemical fiber and the chemical raw material industries.
China's economic development will be seriously affected if these industries cannot get a sufficient oil supply in the future, they warned.
China became a net refined oil importer in 1993 and a net crude oil importer in 1996. Last year, China imported 123 million tons of crude oil, making up 35 percent of its consumption.
(Xinhua News Agency October 14, 2005)
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