China National Petroleum Corporation (CNPC; listed subsidiary Petrochina: PTR.NYSE, 0857.HK, 601857.SS), China’s largest petroleum and gas producer, will accelerate its new energy production to an annual oil-equivalent production capacity of 1.25 million tons in 2010, reported state media. The company’s development of coalbed methane, fuel ethanol and oil sands will enable a capacity increase of up to 6 million tons of oil equivalent within the next five years. The company plans annual ethanol capacity of 500,000 tons and annual coalbed methane capacity of 600 million cubic meters. "Development of new energies is an indispensable part of the company’s goal to become an integrated energy company that can compete on a global scale," CNPC said on its corporate website.
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