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PetroChina and Chevron Team Up in Sichuan Gasfields
China's biggest onshore petroleum and natural gas joint venture project, with a total investment of $6 billion, has been launched in Dazhou, Sichuan Province. US oil titan Chevron beat out Total, Shell and Statoil to take a 49% stake in the project, with PetroChina acquiring the other 51%.
April 12nd,2008
Sinopec a Victim of China's Price Distorting Energy Policy
When China's biggest oil refining enterprise, China Petroleum & Chemical Corporation(Sinopec), issued its disappointing financial performance for 2007, the international price of crude oil was once again on the verge of surpassing $110 per barrel. This not only means that Sinopec will have to continue coping with high crude oil prices but also represents a significant challenge to China's controversial energy policy.
April 9th,2008
SAFE, not CIC, Makes a Strategic Move On France's Total
Does this mean that, except for the $200 billion controlled by the China Investment Corporation (CIC), the rest of the $1.6 trillion forex reserve is also now to function as a sovereign wealth fund (SWF)? Have CIC and SAFE been given different responsibilities: the former to purchase overseas financial assets, the latter energy and resource-related assets? Or is this a turf battle?
April 8th,2008
Former Chinese President Weighs in on Energy Debate
Jiang is concerned over China's focus on coal, saying the percentage of China's coal use in total energy consumption decreased from 76.2% in 1990 to 66.3% in 2002, but rose again to 69.4% by 2006, while in development countries coal use totals only about 21%.
April 8th,2008
Diesel Shortage Spreads to Beijing
China's four-week-long diesel shortage continues to spread across the map, moving further north into the Beijing area like a stain. With diesel shortages in neighboring provinces, more and more truckers are heading to Beijing to refuel, leading to shortages and rationing in the city's suburbs.
March 31st,2008
China's Diesel Shortage Moves North, Hits Shanghai
South China's two-week-old diesel shortage is now spreading northwards and has begun to affect the Shanghai area. The Shanghai Economic Commission declared last weekend that the city's diesel reserve can meet only 10 days' demand. Meanwhile, calls for a lifting of retail price controls, or at least a rise in oil product prices, are again being heard.
March 24th,2008
China - World's Largest Miner - Is Short of Coal
While China, an importer of enormous amounts of iron ore, is doing its utmost to avoid a crippling price rise for that particular commodity, it is also the world's largest coal miner and many here would be quite happy to see its price shoot for the moon. But price hike or no price hike, China's coal future is facing difficulties.
March 14th,2008
Can China Have the Iranian Energy Cake and Eat It Too?
The underlying issue is China's need for energy. Blocking Chinese energy investment in one location simply drives it to look for opportunities elsewhere. Maybe the Unocal deal, in hindsight, should have gone through.
March 8th,2008
Sino-Vietnamese Energy Cooperation: Promises and Pitfalls
Coal has not only picked up the slump but also become the backbone of the Sino-Vietnamese energy cooperation. Electricity trade is the new entrant to the bilateral energy cooperation equation. Energy investment constitutes another mode of the bilateral energy cooperation. The warming up of the bilateral relationship between China and Vietnam, together with their deepening economic integration, has also created a fertile ground for their energy cooperation in the disputed Spratly Islands.
January 30th,2008
An Energy-Consuming Economy Heats Coal Prices as China Freezes
The National Reform and Development Commission (NDRC) of the State Council, responsible for energy management, has criticized China's shutting down of all the coal mines that have failed to meet safety standards, and has ordered all coal mines meeting the standards to resume production immediately, although small thermal power generation units were excluded.
January 29th,2008
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