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China's import of crude oil has limited effect on world prices

www.chinanews.cn 2005-03-08 13:11:14

Chinanews, Beijing, Mar. 7 - Mr. Ma Kai, director of the National
Development and Reform Commission, said today that China's import of
crude oil had limited effect on world oil prices because China was a big
oil producing country as well as a big oil consuming country. He pointed
out that the Chinese government advocated energy conservation and adopted
the policy of "Encourage both harnessing and conserving, with
conservation as priority", and mainly relied on domestic resources to
satisfy demand.
To answer the question of China's shortage of electricity, Mr. Ma said
that electricity is a commodity. It was normal that there would be
fluctuation in the supply and demand for electricity. He pointed out that
China's construction of power stations has never paused. Newly installed
power generation capacity, funded by the government, broke the world
record last year. Therefore, rumors that the government had no power
plant project for three years did not accord with facts.
Why does the gap still exist in spite of the fast development of power
plants? In Mr. Ma's opinion, the root problem is that the fast growth of
power supply cannot meet the rise in power demand. In the last two years,
the growth rate of power demand was approximately 15 percent annually,
which was unusually high in China's as well as world history.

          ��Shanghai ranks among world' s top oil refining base
(2005-02-23)
          ��China's crude oil output in coastal waters can increase 19%
(2005-02-16)
          ��China's crude oil and refined oil exports decreased
(2005-02-16)
          ��China finds more oil and natural gas reserves (2005-02-13)
          ��CNOOC' crude oil output expected up 19% (2005-02-04)
          ��Breakthrough in China's oil extraction technology (2005-01-26)
          ��Sinopec enters the U.S. oil market (2005-01-25)
          ��New breakthrough in coal-to-oil core technology (2005-01-24)

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