The collapse of the US energy trade Enron Corporation has thrown into doubt the future funding of a US$400m gas pipeline between Chongqing and Wuhan. Enron signed a memorandum of understanding to take a 45 per cent stake in the joint venture pipeline with PetroChina but it did not make its pledged investment in the project.
The pipeline will transport gas to more than a dozen large cities in Hubei and Hunan provinces. “It is hard to say whether we will do it by ourselves or seek other foreign partners,” said a PetroChina official.
Huaneng boss joins SPC Li Xiaopeng, the eldest son of China’s parliamentary leader Li Peng, has been appointed vice-president of the State Power Corporation. Li is also the chairman of China’s largest independent power producer, Huaneng Power International.
The State Power Corporation has recently replaced 10 key managers from provincial and city departments as part of a major shake-up of the power sector.