Beijing (AsiaNews/Bloomberg) - The mainland may face a shortage of 250 million tonnes of crude oil by 2020 as local production may meet only 44 per cent of demand, the China Oil News said, citing a Xinhua report.
The country's consumption of crude oil may reach 450 million tonnes by 2020, with local output at 200 million tonnes, the report said, citing Chen Geng, president of China National Petroleum.
The country's demand for petrol, diesel and kerosene could total 260 million tonnes by 2020, the report said.
Mainland oil companies faced challenges including lack of domestic crude oil stockpiles, increasing difficulties in finding new sources of oil and the lack of new technology to boost output at its refineries, the report said.
Its refineries were now operating at 90 per cent of their capacity to meet the country's demand for fuels, Mr Chen was cited as saying.
China is the world's biggest oil consumer after the United States and may consume about 6.29 million barrels a day this year, an increase of 15 per cent, the International Energy Agency said.
The country imported 57 per cent more oil products in the first half of the year.
Among other products, ethylene demand may double to 23 million tonnes by 2020, Mr Chen said. The mainland would need to import 40 per cent of its ethylene to meet demand by then, the report said.
Natural gas output was set to rise to 120 billion cubic metres by 2020, from 34 billion cubic metres, the report said.
Gas demand could rise to 200 billion cubic metres from 30 billion cubic metres, it said.
Energy conservation could help resolve part of China's energy shortages, Mr Chen suggested.
