4/1/2003
Brief
China, with 2.3% of the world's oil reserves, imports a third of its oil. Supply uncertainties due to the present situation in Iraq and skyrocketing prices have brought to the forefront the need to create a strategic oil reserve – after years of talking about it – and to increase energy self-sufficiency while diversifying energy supply. Chen Huai, energy counselor to the Chinese government, has advised that the prime minister, Wen Jiabao, will soon announce the restart of its nuclear power plant construction program. Nuclear power is to rise from the present 0.4% to 4%, requiring new power plant construction.