Chinese dependence on imported crude oil would continue to grow in the coming years and reach 67 percent in 2016-2020, said Ji Luxun, an official with Department of Foreign Trade with the Ministry of Commerce on Thursday. Speaking at an industry meeting, Ji said China would import 400 million tonnes of crude oil and natural gas with import value of 10 trillion yuan in the period of 2016-2020.
More crude oil refiners would be licensed to import crude oil in the future and the government would proactively prompt reform of oil and natural gas system. Meanwhile, China would continue to expand investment, deepen energy cooperation and optimize crude oil trading channels. China would actively participate in development of overseas oil and gas resources and building of infrastructure facilities to reinforce global emergency response capacity.
Moreover, China would prompt the establishment and optimization of international oil and gas cooperation mechanisms and encourage foreign investment in China's conventional and unconventional oil and gas resources.
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