IN BRIEF (Page 13)

Strategic oil reserves rise

The capacity of China's strategic oil reserves reached 40 days of consumption as of the end of 2011, with two additional strategic oil storage projects put into operation, according to figures released by China National Petroleum Corp on Tuesday. China previously had an oil storage capacity of 30 days. The country's biggest oil producer said that six additional strategic oil reserve bases were under construction last year, while four commercial oil storage facilities started operations in the same period.

China Gezhouba wins contract

China Gezhouba Group won a $1.4 billion contract with South Sudan on Jan 20 to build a hydropower station, according to a company filing on Monday. The project included the building of power-generation plants, concrete overflow dams, and rockfill dams. The hydropower station project, with a total installed capacity of 540 megawatts, will last more than 80 months. The contract is still awaiting approval from the Chinese government.

SHGC starts reorganization

Shandong Energy Group Corporation(SHGC), which was founded by six coal companies in March 2011, has started a program of reorganization and listing, said Bu Changsen, president of SHGC. The group has obtained credit of 350 billion yuan ($55 billion) from five State-owned banks and the assets will be centralized for management by the end of the first quarter of 2012. Bu said the group will accelerate the process for a public listing, preparing for a holistic listing of the group during the 12th Five-Year-Plan period (2011-2015).

Gold output hit record in 2011

China produced a record 3.61 million tons of gold in 2011, a rise of 5.89 percent year-on-year, according to the China Gold Association on Tuesday. That made the country the largest global gold producer for the fifth consecutive year. The five largest producing regions contributed nearly 60 percent of the nation's total gold output.

Agencies - China Daily

(China Daily 02/01/2012 page13)