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China seeks diversified oil supply
www.chinanews.cn 2006-04-25 14:30:19
Chinanews, Apr.25 - Chinese President Hu Jintao's state visits to Saudi
Arabia, Morocco, Nigeria and Kenya were called by some experts "trips of
energy diplomacy". It is learned that these four countries have abundant
energy reserves which can guarantee several decades of exploitation.
China is actively working on the strategy of finding diversified oil
supply which will be helpful for China's energy security.
"China's cooperation with Saudi Arabia is a win-win process. China is
seeking diversification of crude oil imports, namely diversification of
energy types, channels and conversion technologies. At the same time,
Saudi Arabia also expects to expand its crude oil export channels,"
indicated Han Xiaoping, CEO of www.china5e.com.
Saudi Arabia is renowned as the "oil kingdom" with abundant oil and
natural gas resources. It is the world's biggest oil producer and
exporter. Its most important crude oil export destination -- the United
States -- lately declared that it would reduce dependence on Saudi
Arabian crude oil, which means that Saudi Arabia would surely hope to
widen its oil export channels when it takes into account its own strategy
and economy.
Experts said that energy cooperation agreements reached by the two
governments, including the cooperation between the state-owned Saudi
Arabian Oil Company and a Chinese enterprise and the large-scale oil
refining and ethylene project in China's Fujian Province, are just
certain declarations of intent between both governments. Ultimately,
fulfillment of these agreements relies on businesses involved in the
industry.
However, the energy cooperation between China and Saudi Arabia involves
far more than the interests of these two countries. President Hu's visit
aiming to develop international energy cooperation will not only solve
China's energy problems, but in a sense also help relieve the pressure on
the world. China is the world's big factory, and to a certain extent its
energy consumption is not merely for its own sake.
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