British oil major BP Plc aims to expand investments in China by "several times over the medium term" to tap rising energy demand even as global economy slows, its chief executive officer said.

Developing economies are likely to account for all of oil demand growth this year, Tony Hayward said in a speech on November 25 at Tsinghua University, which was posted on BP's Website.

As one of the largest foreign investors in China, BP has invested more than US$4.6 billion so far in the nation.

New York crude touched US$40.50 a barrel last Friday, the lowest in nearly four years and 72 percent down from its record high reached in July. Hayward said despite the recent plunge, this year will be the seventh consecutive year in which oil prices have increased. "There's a strong case that says the era of cheap energy is over - at least for the medium term," he said.

(Shanghai Daily December 10, 2008)