| Addressing the Asian Oil ministers' round table, China's ambassador (external and plenipotentiary) Sun Yuxi said the Chinese government had been continuously opening up the oil industry, especially after its accession to the World Trade Organisation in 2003. China had drawn a medium- and long-term plan to achieve the goal of quadrupling its gross domestic product by 2020. | |
| Chinese oil companies have signed over 200 agreements with foreign counterparts covering an area of 1.05 million sq km and attracting foreign capital of around $9.3 billion. China is the world's second largest oil consumer in the world after the United States. | |
| He said China was encouraging foreign investment in power generation, oil and gas development, coal mining, clean coal and new energy through favourable taxation policies. | |
| Sun said his government was willing to strengthen dialogue, cooperation and exchange with other countries. | |
| China's demand for crude oil in 2006 is expected to touch 331 million tonnes, up 6.65 per cent from 2005. Its consumption of finished oil products in 2006 is estimated at 177 mt, up 6.27 per cent from 2005. | |
| Sun said coal would continue to be the dominant source of energy for the country though the goal would be to optimise energy mix. | |
| "With diversification of energy mix as our goal, while enhancing the exploitation of oil and natural gas, we will also actively promote the development of nuclear power and encourage the development of renewable energy such as wind power and bio-energy," he said. | |
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