China accelerates shift in energy policy, restructuring of state petroleum firms

China's energy policy has gone through major changes in the last a few years, from a strategy based on self-reliance to one of aggressively seeking oil and gas supplies abroad. This shift has led to a number of strategic changes in the country's oil and gas industry in terms of raising funds for capital investment, cutting costs, and focusing on development of cleaner fuels.The new policy centers on China's need for foreign oil to sustain a relentlessly growing domestic energy demand. According to government estimates, China will face a domestic shortfall of about 50 million tonnes of crude oil, or 30% of its oil needs, in 2000. Crude imports in 1999 jumped 43% on the year to ...

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