China's Reliance on Imported Oil, Gas to Grow

China is increasingly reliant on oil-gas imports and the country faces severe challenges in meeting its energy demands, a report released by China National Petroleum Corporation (CNPC) showed, Xinhua reported.

In 2012, China's net oil imports amounted to 284 million tonnes, which means the country is 58 percent reliant on foreign supplies in this area, up 1.5 percentage points from a year earlier, according to the report by CNPC Economics and Technology Research Institute. Natural gas imports amounted to 42.8 billion cubic meters in 2012.

The report said the country's dependence rates on imports of crude oil and natural gas came in at 56.6 percent and 29 percent, respectively, both representing an increase from the rate a year earlier.

The report forecast the country's oil-gas demands will continue to trend upward this year, with dependence rates on oil and gas imports reaching 59.4 percent and 32 percent, respectively, Xinhua said.