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China seeks energy imports

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Old 06-03-2014, 02:55 PM   #1
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China China seeks energy imports

Beijing - China and Arab countries will meet on Thursday to discuss energy and trade cooperation for the next decade, as energy-hungry Beijing builds momentum in energy imports after a landmark deal with Russia late May.

Chinese Foreign Minister Wang Yi said on Monday the ministerial forum in Beijing aims to strengthen ties with Arab nations, China’s Xinhua News Agency reports.

The talks would focus on energy resources, infrastructure, nuclear energy and trade, among other topics, Wang said.

China, one of the fastest-growing economies in the world, is the second biggest trading partner of the Arab world.

China's crude oil imports from Arab countries have increased from 40.6 million tons to 133 million tons in 10 years, Wang added. Trade volume between China and the Arab countries rose nearly tenfold over the decade, from $25.5 billion to $239 billion.

As one quarter of the world's population lives in China and due to its ever increasing energy demands, Beijing seeks new routes to sate its needs.

After a decade of negotiations, China signed a $400 billion gas supply deal with Russia on May 21 for the next 30-year period.

Russian President Vladimir Putin said that Russia would invest $55 billion and China roughly $20 billion in order to implement the massive deal. –
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