Power Plant-Coal Miners Spat Home Favors International Coal Prices
As negotiations with domestic coal companies stalemated, China's five electric power companies are now importing coal from overseas. This, together with the rebound of the Chinese economy, is boosting prices for coal imported from Vietnam, Indonesia, and Australia, but not enough so as to make it uneconomical to continue imports.
China's Fuel Export Surge Eases Inventory
With international oil prices hovering at low levels, calls for "buying crude oil at low prices" are growing louder in China, and China's biggest crude oil depot began to import oil at the end of last year. But according to figures from China Customs, crude oil imports in December totaled 14.37 million tons (about 3.5 million barrels per day), only 7.6% over November's number, the lowest in 2008, and 17% lower than in March, with the year's highest monthly impor
Price War Brewing Between PetroChina and SinoPec
After the nationwide lowering of oil prices beginning on December 19, Sinopec and PetroChina have successively cut oil prices in big cities, such as Guangzhou, Fuzhou, Shanghai, and Beijing, by up to 0.4 yuan per liter, something rarely seen in recent years. Now the two giants are each reducing prices in the other's turf, and a price war is brewing.
Power Generation Plummets and May Struggle for Years
After power output growth declined into negative numbers in October, generation from power plants above designated size (state- and non-state-owned enterprises with an annual sales over 5 million yuan) in November may drop by 11% year on year. As barometer of the economy, declining power generation indicates increasing downward pressure on the economy as well as on power company profits.
China's Oil/Gas Big Three Seeking Overseas Fire Sale Opportunities
Some of this overseas action is pitting Chinese companies against each other. Two months ago, Marathon Oil announced the sale of its stake in No. 321 deep sea area off Angola. PetroChina bid individually while Sinopec and CNOOC bid jointly. It has been reported that the Sinopec/CNOOC combination won the bid for $1.8 billion, but a spokesman only admitted the companies had taken part in the bid and refused to reveal whether they had succeeded.
China-Russia Loan-for-Oil Deal Stuck in Rate Dispute
Negotiations for a China-Russia Loan-for-Oil program are in a stalemate. Yesterday, China National Petroleum Corporation (CNPC) insiders disclosed that some progress has been made since the resumption of talks on Monday, but differences over interest rates between the two sides have become the biggest obstacle and it is difficult to say now when a final agreement will be reached.
CNOOC to Explore Deeps of the South China Sea
China National Offshore Oil Corporation (CNOOC) is planning to invest 200 billion yuan on oil and gas exploration in South China Sea in the next 10 years or so, and establish production capacity with annual output of 50 million tons, parallel to the Daqing Oil Field, China's biggest oil field.
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