China May Expand Oil Exploration, Refining Investments in Peru
China may increase exploration and refining investments in Peru, South America’s fifth-largest gas producer, to boost fuel output as domestic demand rises. Peruvian government officials will meet with executives at China National Petroleum Corp., the nation’s biggest oil company, later this week, Peru Vice Energy Minister Pedro Gamio Aita said in an interview in China’s southern city of Guangzhou yesterday. Peru will seek technical support from China on oil exploration, Gamio said, without elaborating.
The South American country is counting on $4 billion in investment in its oil and gas industry to spur an annual 7 percent economic growth over the next four years. China, the world’s second-biggest energy user, is encouraging domestic producers to expand fuel output to meet surging demand, prompted by the fastest economic growth in a decade. China increased crude imports from the Latin American country 88 percent to 172,085 metric tons in June, the Beijing customs said July 23. Peru was China’s 15th largest crude supplier that month.