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Expert Applauds PetroChina Strategy

The president of the China Petroleum and Chemistry Industry Association...

The president of the China Petroleum and Chemistry Industry Association (CPCIA), Tan Zhuzhou, told a national meeting on the petroleum and chemistry industry that diversifying oil and natural gas sources and optimizing China's oil refinery system should be a priority in solving the country's energy issues.

To fulfil the open and diversification strategy, China should further explore energy markets, by investing capital and technology in Africa and South America, as well as the traditional Middle East region, Tan said.

He revealed that PetroChina, the country's largest oil producer, was already benefiting from the strategy.

The oil giant has produced 60 million tons of crude oil in the overseas markets and acquired a contracted portion of 30m tons.

"Only by having abundant foreign oil supplies can China offset the negative impact of high oil prices on the country's rocketing economic growth," Tan said.