China vows to bolster energy security as Ukraine war stokes ‘period of turbulence’
- Zhang Jianhua, chief of the National Energy Administration, says China will boost domestic oil and gas supply, while building international energy partnerships
- There has been no immediate response from Beijing after the Biden administration announced it would release 1 million barrels of crude a day over the next six months
Zhang Jianhua, chief of the National Energy Administration, said the international political and economic landscape has entered a “period of turbulence” that was threatening recovery from the coronavirus pandemic and global supply chains.
“The new and old energy risks are intertwined,” he wrote for the Communist Party’s People’s Daily on Friday. “The weak link of oil and gas resources has existed for a long time, while regional and periodical energy supply problems occur from time to time.”
Rising prices are taking a heavy toll on China, the world’s largest crude oil importer, and come amid heightened concern about energy security, as the country imports nearly 70 per cent of its crude oil and more than 40 per cent of its natural gas.
We’ll build energy partnerships along the belt and road route and steadily expand the ‘circle of friends’
Chinese authorities will use a number of methods to strengthen the energy supply chain, including increasing domestic oil and gas production, improving reserve capacity, and enhancing international energy cooperation, Zhang said.