China must secure its own energy supply, says President Xi Jinping

- President Xi Jinping told oil workers that China must secure its own energy supply, signaling a continued role for fossil fuels in the nation s efforts to meet power demands.

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Xi made the remarks during a visit to the Shandong oilfield in the eastern province of Shengli, according to the People s Daily newspaper. The oilfield is the largest operated by Sinopec or China Petroleum Chemical Corp.

Oil energy construction is very important to our country, Xi said. As a major manufacturing power, China has to secure its energy supply in its own hands. Xi s comments suggest that crude and fossil fuels - in particular - remain central to China s efforts to ensure energy security, irrespective of the government s parallel commitment to limit greenhouse gas emissions. The Chinese president visited a coal-to-chemical plant similarly while touring Shaanxi province last month.

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Sinopec has also positioned itself as a national leader in developing hydrogen as a clean energy source. The nation s three biggest oil companies report third quarter earnings next week, where the usual attention to their spending plans will take on special significance in light of the energy crisis that has wracked the world s No. Chinese leaders have been seeking to minimize disruptions as the energy crunch roils the world s most important manufacturing hubs. Last week, Premier Li Keqiang vowed to ensure power supplies to factories, after saying a path to a greener economy needs to be underpinned by a stable supply of energy.

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