China Oil and Gas Industry Too Much Invested

China's oil and gas industries are seeing too much investment which is pressuring resources, said Li Yongwu, chairman of the China Petroleum & Chemical Industry Association.

'China's oil and gas sector has too much fixed asset investment, having risen 28.2 pct last year,' Li said, speaking at an offshore industry conference in Beijing.

He said this has caused numerous problems for the country's energy sector.

'It's put a lot of pressure on energy resources and the environment.'

He added that recent high oil prices have also put 'much pressure' on domestic firms, and that the country needed to use its resources more wisely.