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Nation to boost gas production
By Wan Zhihong (China Daily)
Updated: 2009-02-18 08:09
Under the blueprint, China will build some large oil and gas production bases over the next three years. The country will stabilize the output from oil fields in northeast China and the Bohai Sea Bay area, while speeding development of fields in the Tarim, Junggar, Erdos and Sichuan basins. As the world's second biggest oil consumer, China will work to increase its offshore oil and gas production. By 2011, China will increase its total oil refining capacity to 440 million tons. Besides the construction of large refineries in Sichuan, Quanzhou, Guangzhou and Shanghai, China will push for joint-venture refinery projects with companies from Venezuela, Qatar and Russia. The three-year plan has also covered many other areas, including the construction of oil and gas pipelines, development of clean fuel and financial support for the energy sector. Energy industry needs more reform to pull through the difficulties of the economic chill worldwide, said Zhang Guobao, head of the NEA. The global financial crisis has had a negative impact on China's economy and the country's energy sector is no exception, he said. "However, China's energy industry still has vast development potential as the huge population dictates demand." (For more biz stories, please visit Industries)
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