China's appetite for oil may ease next year as the government takes steps to tackle inflation and work on expanding refineries slows, Bloomberg news reported Tuesday.
China may spend 11.1 trillion yuan ($1.7 trillion) in the next 10 years building electricity infrastructure, Bloomberg reported Wednesday, citing a 21st Century Business Herald report.
China will raise gasoline and diesel prices 310 yuan ($46) per ton and 300 yuan per ton, respectively, beginning Wednesday, the National Development and Reform Commission (NDRC) announced Tuesday.
Fuel hikes reflect market
China National Offshore Oil Corp (CNOOC), the country's largest offshore oil company, said its annual oil and gas production reached 50 million tons this year for the first time.
Gasoline and diesel retail prices will rise by around 4 percent on Wednesday, reflecting global market fluctuations, but officials and researchers said the increases will have only a limited effect on inflation.
China consumed more oil in November compared with the same period last year as temperatures dropped, China's top economic planner, the National Development and Reform Commission (NDRC), said Tuesday.
State Grid Corp of China said it has taken over seven Brazilian power transmission companies with investments totaling nearly $1 billion, Reuters reported on Tuesday
China Petrochemical Corp, the nation's largest refiner, received State approval to buy Colombian oil and gas assets owned by Hupecol LLC, Bloomberg News reported Tuesday, citing the country's economic planner.
The slow pace of restructuring industry has become a hurdle that China needs to overcome in order to further improve its energy efficiency, a senior legislator said.
A crude oil pipeline between Russia and China suceeded in its trial run, Bloomberg News reported Monday, citing a statement on China National Petroleum Corp's website.
The State Grid, China's major power provider, said on its website Monday that recent winter storms pushed demand higher and also caused traffic disruptions that have hindered coal deliveries.
With the extremely cold weather that has swept most parts of China over the past week, soaring demand for heat has led to coal shortages and power cuts in many of the country's provinces.
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