China National Petroleum Corp, the nation's largest oil producer, aims to raise oil and natural gas production by around 5 percent annually, a statement on the company's Website quoted President Jiang Jiemin as saying.

China is counting on double-digit growth in gas output to offset the much slower expansion in crude oil production. Jiang also said the international financial crisis provides an opportunity for low-cost expansion and the company will keep boosting spending. It will expedite overseas expansion to take advantage of the lower oil prices.

(Shanghai Daily January 13, 2009)