China Economic ReviewGasoline and diesel prices will go up today by a larger-than-expected 10-11%. The hike will raise the retail and ex-refinery prices of gasoline and diesel in the mainland by US$63.32 per tonne, an industry official told the the Standard of Hong Kong. Shares in Sinopec, the mainland's largest refiner, rose 4.9% on Tuesday to US$0.61 […]
The Ministry of Land and Resources has announced China will build up mineral reserves in an effort to ensure a supply of natural resources, the Wall Street Journal reported. Minerals such as aluminum, copper, manganese and uranium will be stockpiled over the next four years as part of the ministry's five-year plan. Beijing previously said […]
CNOOC, the mainland's largest offshore oil and gas producer, raised US$1.8 billion from the sale of 2.27 billion shares at US$0.79 each in its first share placement since its 2001 Hong Kong listing. The sale, which follows the recent purchase of two oil assets in Nigeria for US$2.5 billion, represents a 5.38% discount on Wednesday's […]
China is poised to invest US$4 billion in Nigerian infrastructure projects in exchange for first refusal on drilling licenses for four oil exploration blocks, the Financial Times reported. It is one of a number of agreements set to be signed by President Hu Jintao during his visit to the African country. Under the terms of […]
Talks have been held between President Hu Jintao and Saudi Arabian leader King Abdullah over the possibility of building a strategic oil reserve in China fed exclusively by Saudi suppliers, AFP reported, citing a Chinese official. Discussions took place as part of Hu's visit to Saudi Arabia, which has already yielded a number of energy […]