China expects its demand for oil products will grow at an average annual rate of between 4% and 5% in the 2010-2015 period.
The demand forecast is based on an annual GDP growth rate of 7.5%, according to a Xinhua report carried in People’s Daily.
The report, quoted Zhang Fuqin, deputy chief engineer with China Petroleum Planning and Engineering Institute.
Zhang predicted that China would need 216 million tonnes of oil products in 2010, 286 million tonnes in 2015 and 336 million tonnes in 2020, when nearly 60% of China’s annual oil consumption would be met with imports. The nation’s reliance on imported oil remained at around 50% currently.
