China is gradually building its first strategic oil stockpile but filling it will be a gradual process and will not impact global prices, Xu Yongsheng, deputy director of the energy bureau under the National Development and Reform Commission, told the Wall Street Journal. The effort to build the stockpile is likely to last a decade, […]
Category: Energy & Environment
ReneSola, a Zhejiang-based company that recycles silicon wafers for solar panels, raised US$50 million in an initial public offering in London. The company plans to use the funds to expand capacity and expects to see sales triple next year, the Financial Times reported. ReneZola is the latest of a growing string of Chinese solar companies […]
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Crude imports on the rise
Crude oil imports rose 17.6% to 492 million barrels in the first six months of the year, the government said Thursday. This comes amid growing concern that runaway Chinese demand is pushing up global prices despite Beijing's efforts to rein in consumption by raising the price of gasoline and other commercial oil products. However, China […]
China's largest offshore oil producer, CNOOC Ltd, is looking at selling shares on the mainland to raise money for acquisitions in Asia and Africa, Hong Kong's The Standard reported. The company is listed in the US and Hong Kong and is still looking for clarification on the requirements to sell A-shares, chairman Fu Chengyu told […]
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Gas find revitalizes CNOOC
A recent natural gas discovery deep under the South China Sea will usher in a second growth era for CNOOC, the listed arm of China National Offshore Oil Corp, CNOOC chairman Fu Chengyu told the Wall Street Journal. Multinational oil and gas companies abandoned the area decades ago after shallower wells turned up dry, but […]