As A$ Slumps, Shenhua Moves into Australia's Coal Market
The Australian dollar is depreciating drastically, and China Shenhua Energy Company (China Shenhua), China's biggest coal miner, is looking to jump into Australia's coal market with both feet. The company has been talking of expanding into overseas markets, and with RMB strengthening against AUD, it feels the time is right for its first overseas project
Myanmar-China Pipeline to Start Construction in 2009
The construction of a Myanmar-China Pipeline, with the total investment of $2.55 billion, is to start next year. This will be China's third overseas oil and gas pipeline from a foreign country. It is reported that PetroChina will be the holding company for the pipeline constructed jointly by China, Burma, India, and Korea. Mi Dongsheng, director of Development and Reform Commission of Yunnan Province, revealed Yunnan was set to start construction on the pipeline from the first half of 2009 as a part of the province's 72 billion yuan energy project
China Grid Investments Multiply as Power Consumption Slumps
The central government's recently announced economic stimulus package will start in the energy field. The State Grid, the China's biggest company by assets, will expand its investment in the next two years by 100%, to 1.16 trillion yuan
PetroChina Share Price a Victim of Speculation, Government Control
PetroChina closed at 10.63 yuan per share on November 5, a year after its public listing on the A-share market, its slump of about 80% from its closing price a year ago, lower even than its IPO per share price of 16.7 yuan, allowing ExxonMobil to regain its former position of world's largest listed company by market value. The unconstrained speculative condition of the Chinese stock market and the government's control over the domestic oil products market have led to the PetroChina debacle.
PetroChina Seeks Windfall Tax Relief
In the first half of this year, PetroChina paid enormous and crippling amounts in taxes to the central government and is now trying to negotiate with Beijing to ease the pressure through more favorable policies.
PetroChina to Bag All of CNOG from CPNC
PetroChina is to acquire the 50% of China National Oil & Gas Exploitation and Development Corporation (CNOG) from its parent company, China National Petroleum Corporation (CNPC), that it doesn't already hold, and will pay $11.8 billion for its new stake. It had bought its first 50% stake in the company from CNPC in 2005 for RMB 20.74 billion.
China's Oil Output to Maintain at 200 Million Tons In 2030
The latest report by the Ministry of Land and Resources claims China's petroleum output will still maintain an annual output of about 200 million tons by 2030. For a country that imports 50% of the oil it uses, that is really good news, more exciting even than gold medals in the Olympic Games.
China May Cut Energy Subsidies Again Due to Lower Inflation
China's CPI growth has dropped over the past three months to 6.3% in July, and the government is likely to reduce energy subsidies once more. Although inflation may still rebound later in the year, official economists feel that due to the present relief a high PPI will have only a limited influence on CPI growth.
China Likely to Cut Coal Export Quota
About a half of China's total coal export moves through Qinhuangdao Port. In 2007 China's coal trade totaled 850 million tons. The coal export quota stood at 100 millions tons in 2003, and stayed at about 80 million tons a year between 2004 and 2006. In 2007 it was reduced to 70 million tons, and the transport plan for this year's export quota is about 49 million tons.
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