China's dependence on imported oil to reach 50 pct in 2010

China will be dependent on foreign sources for 50 percent of its oil needs in 2010, according to an energy report published by China's Social Sciences Academic Press.

It forecast that China would face an energy supply security problem in the next five years as international competition for oil heated up.

China's Energy Development Report 2006 proposed reducing dependence on imported oil, actively participating in competition on the international oil market and strengthening international cooperation to ensure supply security.

The report, quoted by the China Youth Daily on Wednesday, said China became a net oil importer in 1993 and a net crude oil importer in 1996.

In 2004, crude imports surpassed 100 million tons and the country's dependence on imports stood at 40 percent, said the report

China is the world's second largest energy consumer after the United States.

Source: Xinhua