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China's crude oil imports up 92 per cent

Russia, abundant in oil and natural gas resources, has shown interest in meeting China's sharply rising demand for petroleum products, the state media has reported. China's enormous demand for oil provides a big market for Russia, which possesses 13 per cent of the total oil reserves and 45 per cent of the natural gas reserves in the world, Deputy head of the Research Institute of the National Economic Forecast under the Russian Academy of Science, Alexander Nekrasov said.

Russia, abundant in oil and natural gas resources, has shown interest in meeting China's sharply rising demand for petroleum products, the state media has reported.
China's enormous demand for oil provides a big market for Russia, which possesses 13 per cent of the total oil reserves and 45 per cent of the natural gas reserves in the world, Deputy head of the Research Institute of the National Economic Forecast under the Russian Academy of Science, Alexander Nekrasov said.
According to official statistics, China imported 70 million tonnes of crude oil from Russia last year, up 92 per cent over the figure of the previous year.
"Prospects for energy cooperation between China and Russia are bright," experts who attended an international symposium on economic cooperation and social development in northeast Asia in Shenyang, capital of northeast China's Liaoning province, said.
The demand for energy is growing rapidly in China as a result of fast economic development, Wang Fushi, a research fellow with the Liaoning Provincial Academy of Social Sciences, said.
Chinese experts state that Sino-Russian cooperation in energy development will not only help Beijing solve the problem of energy shortages, but also promote bilateral economic and trade growth.
Russia joined China's efforts in utilising mineral, natural gas and oil resources in Northwest China's Qinghai province and Xinjiang Uygur autonomous region last year.
Neftegaz.ru