China Takes Measures to Maintain Steady Oil Supply

english.peopledaily.com.cn< Last updated at: (Beijing Time) Saturday, March 22, 2003

China has taken a series of measures to guarantee steady oil supply and keep oil price stable after the United States and a number of other countries took military actions against Iraq, the overseas edition of the People's Daily reported. China has taken a series of measures to guarantee steady oil supply and keep oil price stable after the United States and a number of other countries took military actions against Iraq, the overseas edition of the People's Daily reported. They include more channels for oil import, accelerated oil extraction and limit gas export, the paper quoted Yang Weicai, deputy secretary-general of the China Petroleum and Chemical Industry Association, as saying. The three leading oil companies of China will import oil from Indonesia, Sudan and Venezuela. Meanwhile, China will reopen the oil wells sealed before for relative high production cost. In addition, the country will tap the capacity of surplus oil refineries to increase gas, coal oil and diesel oil production. China is self-sufficient for two-third of the total oil demand.It has set up an oil reserve system and worked out a number of policies governing oil supply. The Chinese government is capable of reducing the influence of US military action against Iraq on the Chinese economy to the minimum extent, Yang said.