China to increase imports of Russian oil

China said July 5 it hopes to increase oil imports by rail from Russia by 50 percent next year to 105 million barrels as it looks for foreign energy to fuel its booming economy.

The statement by the Chinese Foreign Ministry came after President Hu Jintao visited Moscow at the end of June and discussed possible joint development of oil and gas fields.

China expected to import 70 million barrels of Russian oil by rail this year, and expects that to grow to 105 million barrels next year, said Foreign Ministry spokesman Liu Jianchao.

China relies on rail shipments to receive Russian oil due to lack of a pipeline connecting the two countries.

China is competing with Japan for access to a planned Russian pipeline to export Siberian oil.

—The Associated Press