China seeks oil security through fleet expansion

China’s push for energy security has prompted a program for building 70 additional very large crude carrier (VLCC) tankers.The recent drop in oil price reduces the financial burden placed by oil imports on Chinese industry, but ensuring adequate supplies remains a concern for the country. China is the world’s most populous country and second largest oil consumer and importer, just behind the US. The Chinese economy relies heavily on consuming natural resources, including oil. This article examines China’s efforts to increase its energy security by taking more direct control of its supply.BackgroundChina imported 90.53 million tonnes of crude oil in first-half 2008, an in...

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