The giant dragon hungry for oil -- a hot topic in China Oil Traders' Conference (COTC)

Published February 9th, 2010 - 11:08 GMT

Experts from China's State Energy Committee said yesterday that China's
huge appetite for crude oil will go on. As the second largest oil consumer
of
the world, China imported 203.8 million tonnes of crude oil in 2009, pushing
up the import dependency to 52%; data from National Bureau of Statistics of
China. Senior officials from the National Energy Committee hinted that the
import volume in 2010 will increase by another 15%.


    With low self-sufficiency due to small proven oil reserves, four major
Chinese petroleum companies including, Sinopec, PetroChina and CNOOC are
searching for international resources. So far, Kazakhstan, Russia,
Venezuela,
Sudan, West Africa, Iran, Saudi Arabia and Canada have been put on the list
for consideration. The Middle East, among all these regions, is the first
choice.


    "Going to the Middle East" will be a hot topic at the 11th China Oil
Traders' Conference (COTC), an annual oil event and the 'APPEC' in China,
which will be held by CBI in March 2010. Acknowledged as a serial conference
with the largest scale, highest level and the most practical content, COTC
has attracted over 400 participants every year in the past ten years.


    Join COTC, broadening your insight into the Chinese oil market!


© 2000 - 2022 Al Bawaba (www.albawaba.com)

You may also like