Energy and oil market of China (Taipei)—Its today and tomorrow

Petroleum has been very important to development in China (Taipei), its share of total energy having risen from 33% in 1965 to over 70% by 1980. The island's economy was thus significantly affected by the two oil-price increases of the past decade. As domestic oil production is minimal, oil must be imported. Over 75% came from Saudi Arabia and Kuwait in 1980, but the Chinese Petroleum Corporation (CPC) has been diversifying its oil suppliers. CPC is responsible for procurement, processing, and marketing of petroleum and petroleum products in China (Taipei). Approximately 300 thousand barrels per day (Mb/d) of crude is imported each year under long-term contracts; refining capacity is 570 Mb/d. Fuel-oil consumption has been reduced over the past five years through increased reliance on coal and nuclear power for electricity generation. CPC estimates that total energy demand will grow by 5% per year until the year 2000, while oil demand will grow at around 4% per year. Oil's share of total energy, however, will fall from 62% in 1983 to 35% by the year 2000, with coal, nuclear, and natural gas all growing.