China Economic ReviewPetroChina announced a planned increase in capital expenditure to fund exploration after posting a record annual profit of US$16.6 billion, the South China Morning Post reported. The firm has proposed a capital expenditure budget of US$18.6 billion this year, up 19.39% on 2005. Investment last year was 28% higher than forecast a year ago, and […]
Russian President Vladimir Putin is to visit Beijing on Tuesday for discussions that are likely to focus on energy. Chinese officials will press Putin to fulfil promises made on providing further assistance in constructing oil and gas pipelines into China. It is thought talks will touch on a plan to build a spur that would […]
Wind power could replace hydro as the country’s second-largest electricity source according to an energy expert at Tsinghua University in Beijing, Reuters reported. With wind power capacity expected to reach 30 gigawatts by 2020, Professor Wang Weichang believes it is on course to supplant hydro in terms of electricity generation by the mid-21st century. He […]
Shell is to buy Hong Kong-based bitumen producer Koch Materials China in a move that will make it one of the key suppliers in the country’s rural road construction project, the South China Morning Post reported. The acquisition of the company, for an undisclosed sum, will boost Shell’s bitumen capacity in China by 175% as […]
China expects to start filling its strategic oil reserves at its 16-tank Zhenhai facility in the eastern province of Zhejiang by the end of this year, state media reported. Ma Kai, chairman of the National Development and Reform Commission, said construction of the reserve, which is meant to cushion China against possible interruptions of foreign […]