china

China's oil dependency, or net oil imports against oil consumption, went up 4.1 percentage points year-on-year to 47 percent in 2006, according to the Ministry of Commerce.It is predicted that China's crude oil imports will reach 160 million tonnes.Besides oil deposits in Bohai Sea, China has discovered oil resources in Tarim Basin of Xinjiang Uygur Autonomous Region and in central part of the country over recent years. It also found natural gas deposits in Tarim, Ordos and Sichuan basins.