(MENAFN- Qatar News Agency) Growth in China's oil consumption slowed to an annualized rate of 1.7% in 2013 as stricter requirements on environmental protection drove natural gas demand.
The country's total consumption of oil reached 498 million tonnes last yea
The 1.7% increase marked a decline of 2.8 percentage points compared to 2012, according to the report by the CNPC Economic and Technology Research Institut
The growth rate is also sharply lower compared to an average rate of 6.7% during the first 10 years of the new century, when oil consumption boomed along with the country's rapidly growing economy, according to China's (Xinhua) News Agenc
The CNPC is the parent company of PetroChina and is the nation's largest oil and gas producer and supplie
The report also said that 58.1% of China's oil consumption depended on overseas supplies in 2013, unchanged from 201
The report also forecast that oil consumption this year will continue to expand to 518 million tonnes, growing around 4
The slowdown contrasts to a surge in natural gas consumptio
The report estimated that China's natural gas consumption grew 13.9% in 2013 and that imports rose 25% to 53 billion cubic meter
Duan Zhaofang, a researcher at the institute, predicted natural gas consumption will grow a further 11% this year to 186 billion cubic meters
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