Shanghai Daily: Business - shanghaidaily.com
CHINA intends to secure more long-term crude oil supplies to reduce its reliance on volatile international markets, a white paper said yesterday, reaffirming that the nation will not threaten world energy security. "It will, step by step, change the current situation of relying too heavily on the spot trading of crude oil, encourage the signing of long-term supply contracts with foreign companies, and promote the diversification of trading channels," said the paper, China's Energy Conditions and Policies, released by the State Council's Information Office. The paper reiterated that China, the world's second largest oil consumer, is no threat to global energy supply, citing its low level energy consumption on a per capita basis. Although demand has been rising quickly, China's per capita petroleum consumption is half the global average, while its per capita oil imports are only a quarter of the world's average - far below the level of developed nations. "China