Saturday, April 1, 2017
ABO | Chinese energy looks abroad: "China is currently the world's second largest economy, but the dependence on crude oil has exceeded more than 55%. Taking into account the background of the world oil, energy has become the bottleneck of development. In recent years, Sinopec's crude oil production has been getting slower and slower, in 2009 there was only than 1.5% increasing of extraction than in 2008. In the first half of 2016, Sinopec crude oil production fell 5.98% for the first time. Under such circumstances, overseas acquisitions further expand Sinopec's overseas oil and gas business, not only to make a significant contribution to the growth of China’s oil and gas production. Sinopec overseas oil production has accounted for 10% of the total output, I believe, with the accumulation of experience, Sinopec overseas oil production ratio will be further improved, which is of great significance for China's future energy demand."
at 5:30 AM