Govt says no intention to buy coastal land — which wil바카라l leave 4.5 million farmers exposed, officials say
The Chinese government plans to buy land for a billion dollars and turn it into an off-shore oil terminal, a top Chinese official has told Reuters.
China is one of the world’s largest oil users and is eyeing offshore oil fields from South America, Australia and Russia.
“China is going to buy an enormous amount of land from the international community and turn it into an oil terminal,” Chinese Vice Foreign Minister Liu Zhenmin told a media briefing on Wednesday.
“This is one of the great plans of China…China will also try to export to the world.”
The International Monetary Fund estimates China’s offshore market will surpass $100 trillion (82.8 billion yuan) by 2040.
However, China is not alone in exploring for oil and gas in the Pacific Ocean. The United States, Brazil, Australia and Japan are also eyeing areas for expansion.
Analysts say the Chinese government’s stance on offshore land is likely to push global companie바카라사이트s to push back the date that foreign companies must acquire local land from governments by 25 years.
China’s National Bureau of Statistics estimated at the beginning of this yeanatyasastra.comr that its domestic oil reserves stood at 4.25 trillion barrels of oil equivalent.