Energy:China to Complete Key Oil Bases Soon

China will complete the construction of its first four strategic oil reserves by the end of 2008. The progress has been smooth and all the four bases will be completed by the year end, Zhang Guobao, administrator of the National Energy Administration (NEA), said after a     

Oil Price Likely to Spur Chinese Industry Restructuring

Concern over surging oil prices could mean the restructuring and upgrading of China＇s industries, according to a United Nations Conference on Trade and Development （UNCTAD） official, who made those remarks in Changchun, the capital of Northeastern China＇s Jinlin Province, in early September, when the 4th Northeast Asia Investment and Trade Expo was held. ＂Commodity price hikes have severely affected the Chinese economy, but they also occurred as China faces industrial restructuring challenges,＂ said Li Yuefen, the UNCTAD Debt and Development Finance Branch head, adding that rising commodity prices and wages have made it increasingly difficult for China to sustain a competitive export edge.     

China Kicks off Fuel Oil Futures in Shanghai

China, the world's No. 2 oil consumer only after the United States, rolled out fuel oil futures for the first time in a decade on August 25, offering hedging tools to firms wincing at sky-high prices and paving the way for crude oil derivatives.     

Retail Market of Oil Products Reshuffled Soon

According to its commitments to the World Trade Organization, the Chinese government opened up China's oil products retail market fully on December 11, 2004. Centering on this important transition, a market pattern of multi-major-body will be appeared.     

China Likely to Stop Production of Liquefied Coal

China,which is rich in coal but poor in petrolcum and gas,may put an end to projects which are designed to produce petroleum by liquecfying coal,according to an official with the National Development and Reform Commission（NDRC）,the country＇s top cconomic planning agency.     

China to Bolster Oil Stockpiles

China is accelerating the build-up of its oil reserves to avoid the economic dislocations the country suffered in 2008 from fluctuations in the world oil price.China will,in addition to the current four strategic petroleum reserve bases,build eight new ones by 2011.The program will increase China's strategic crude reserve capacity to 44.6 million cubic meters,or 281 million barrels.The country will also increase its oil products reserve to 10 million tons by 2011."China's attentiveness to its oil reserve capacity has grown in tandem with its rising dependence on imported oil," said Pan Jiahua,an expert with the Chinese petroleum society.     

Shanghai and Hong Kong Join Efforts for Oil Futures Exchanges

Shanghai Futures Exchange (SHFE) and Hong Kong Exchanges and Clearing Limited (HKEx) announced in midApril they will jointly introduce crude oil futures. The two exchanges will jointly develop an energy derivatives market that serves both Chinese and international investors,according to a memorandum of understanding (MOU) signed     

China to Further Accelerate Overseas Oil Operation

With China‘s national economy developing rapidly, the contradiction between oil supply and demand is increasing intense in the country. The growth of the domestic production has been lower than that of consumption since 1993.Reportedly, the oil consumption will rise at a rate of about 3.5 percent each year before 2010 while dependence on foreign oil resources will rise to 44 percent by 2010 from the current 20percent. It is an important issue for China‘s future economy to secure a long-term and stable oil supply. It is necessary to accelerate China‘s overseas oil operation because this issue is strategically related to whether the national economy can be kept growing continuously and healthfully.……     

China Urges Russia to Honor Oil Agreements

China's Premier Wen Jiabao paid a three-day official visit to Russia in late September with a mission to secure more power supply from Russia to satisfy China's booming demand for oil and gas.This is his first visit to Russia since taking office in March last year. Oil was top of the agenda in Premier Wen's trip to Moscow.     

China Allows More Refiners to Import Oil

The State Council, China＇s cabinet, will grant crude oil import quotas to ＂qualified＂ refineries, which experts say is a step forward in trimming large State-owned refiners＇ import monopoly. The No. 83 Document from the cabinet, issued on July 27 this year, mainly focuses on promoting imports and exports. The document said the central government may grant oil import rights to more refineries beyond the dominant companies, taking into account standards for environmental protection, security and energy consumption during the refining process.     

China to Increase Its Oil Stockpiling Significantly

China hopes to have 12 million tons of strategic oil reserves by the end of 2010, said Chen Deming, deputy director of NDRC. Current strategic oil reserves are recorded at between two and three million tons. The NDRC hopes to quadruple this number by the end of 2010. Chen made those remarks at the 8th US-China Oil and Gas Industry Forum which was held September 9-11 this year in San Francisco, California, the United States.[第一段]     

Time for China to Increase Oil Stockpile

People still remembered the New Year of 2008 brought with it a new record for oil-it traded at more than US$100 per barrel. However, the oil price dropped dramatically to less than US$50 per barrel as the year was closing. China should take advantage of a record drop in global crude oil prices to build up more reserves of the resource. Compared with the highest prices in July, the crude oil prices have dropped by more than 60 percent. These oil reserves should include both the national oil reserves and oil companies. The crude oil prices have fallen to below US$50 a barrel, following a record high of US$147 a barrel in July.     

China to Increase Oil Processing Capacity Sharply

China plans to raise its annual crude oil processing capacity to 405 million tons by 2011 in the efforts to implement its restructuring and stimulus plans for the petrochemical industry. This will represent an increase of about 18.4 percent over its processing volume last year,which topped 342.1 million tons, according to the figures from National Bureau of Statistics. China is scheduled to build three to four major oil refining plants in the Yangtze River Delta in eastern China and the Pearl River Delta in southern China by 2011. Each plant would be capable of processing 20 million tons of oil annually.     

China to Establish Strategic Oil Stockpile Bases

Based on the reports from China‘s State Development and Reform Committee, a new department of the State Council recently put into operation, the relevant departments have located a number of places as the country‘s strategic oil stockpile bases, such as Zhoushan and Zhenghai in Zhejiang Province, Huangdao in Shandong Province and Daya Bay     

Chunxiao Gas Field to Be Brought under Development Soon

The first-stage development project for Chunxiao Gas Field,that is the largest gas field discovered by Sinopec CNSPC Petroleum Corporation in East China Sea area, will be soon brought under way.……     

China to Allow More Refineries to Import Crude Oil

<正>China has quickly risen to the top ranks in global energy demand over the past few years.China is the world’s second-largest oil consumer behind the United States and became the largest global energy consumer in2010.In 2015,China introduced new regulations to pave the way for smaller refining firms to import crude oil,as it looks to encourage private investment in a sector dominated by big state-owned firms.Under the rules     

Energy Storage Likely to Increase in Utility Resource Planning

Today energy storage is a diverse asset class, and technological advances and rapid cost declines have now resulted in a wide array of energy storage technologies increasingly being deployed on utility systems across the country. Utilities from Hawaii to New York have been finding energy storage an extremely attractive and cost-effective way to solve grid needs.     

Algeria Hopes to Strengthen Oil Cooperation with China

Algerian Energy and Minerals Minister said thatAlgeria welcomed the Chinese companies toparticipate in the oil and gas cooperative projects inthe country. He made those remarks in a meeting withthe delegation from CNPC and Sinopec. Algeriahoped to cooperate with China in oil and gas     

China on Track to Become Largest Oil Importer

China's crude oil imports have climbed rapidly in recent years.China,the world's second-largest oil consumer,imported 271 million tons of crude oil last year,a rise of 6.8 percent year on year,as demand remained high despite an economic slowdown,data from the General Administration of Customs showed.The value of the imports jumped 12.1 percent year on year to US$220.67 billion last year due to surging prices,according to the data.Analysts have predicted a higher reliance on imported oil in the years to come,as China is still in a phase of rapid urbanization and industrialization.At this pace,the U.S.Energy Information Administration has estimated that China will import almost 75％ of its crude oil by 2035.