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New oil sources sought as imports rise by 17.6pc
Oil imports to fuel China's booming economy soared by 17.6 percent in the first half of this year,
despite its efforts to reduce reliance on foreign energy supplies. Net crude oil imports from January to June totalled 492 million barrels, or 43 percent of China's consumption.
State companies have signed multibillion-dollar deals to develop oil and gas fields in Africa, Central Asia and Latin America. But Beijing is also trying to reduce reliance on foreign energy supplies, which it sees as a strategic weakness.
China's imports in January- June included 94 million barrels from Angola, or 18.2 percent of the total. Other foreign suppliers were Saudi Arabia, Equatorial Guinea, Yemen, Congo, Libya and Venezuela.
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