Net profit for China Petroleum and Chemical Corp rose by 6.7% to $5.2 billion in the first half of 2010, beating analyst expectations. The jump was driven by a 75% year-on-year increase in revenue, the result of higher oil prices and rising demand, which grew 50% and 18% respectively during the period. These factors compensated [...]
Fu Chengyu, CEO of China National Offshore Oil Corp has resigned his position to make way for new leadership. Fu, 59, who will remain chairman of the board, is to be succeeded by Yang Hua, currently president and CFO. The announcement came as CNOOC reported first-half net profit of $3.8 billion, up 110% year-on-year. Production [...]
China has ordered the closure of more than 2,000 highly polluting and energy-hungry industries by the end of September. Industries such as cement, coking, iron, paper and dyeing have been particularly targeted by the order, and companies could see their business licenses revoked if they do not comply. The decision fits in with China’s larger [...]
China’s energy efficiency fared better in the second quarter of the year after the government initiated a crackdown earlier this year on wasteful industries to reverse an alarming decline in efficiency, according to the National Bureau of Statistics. Consumption of energy compared to economic output increased for the first half of the year by 0.09% [...]
Air quality in China fell in the first half of 2010 for the first time in five years, according to statistics released by the Environmental Protection Ministry. The number of “good air qualities days” in 113 cities dropped by 0.3% year-on-year, the first decline since 2005, while the level of inhalable particles rose, again for [...]
Authorities finished cleaning up the last of the oil spill off the coast of Dalian, Liaoning province, on Monday. The spill, which began after a pipeline blast on July 16, leaked an estimated 1,500 metric tones into the surrounding ocean. Local officials employed some 800 fishing boats and clean-up vessels to combat the spill with [...]
China is rushing to keep an oil spill from reaching international waters. Crude oil was released into the Yellow Sea in the port of Dalian after a series of explosions on pipelines owned by China National Petroleum Corporation (CNPC) offloading oil into a storage facility. While government leaders have said the spill is under control [...]
Swiss engineering firm ABB announced yesterday that it has completed an 800-kilovolt ultra-high voltage (UHV) transmission line from the Xiangjiaba hydro plant in southwest China to Shanghai. The line is approximately 2,000 kilometers in length, but ABB claims that the energy saved thanks to efficient UHV technology is equivalent to the power needs of 1 [...]
According to the International Energy Agency (IEA), China overtook the US as the world’s largest consumer of energy in 2009. China’s assumption of first place is largely due to improvements in energy efficiency in the US and to the comparatively mild impact the global financial crisis had on Chinese industry. The country’s energy consumption level [...]
According to the China’s National Energy Administration, power consumption growth in China slowed to 14% in June, down from a 21% in May. Total energy consumption in June came to 352 billion kilowatt-hours. Analysts attribute the declining growth rate to a broader economic slowdown affecting heavy industry. “The power numbers show a slight slowdown, primarily [...]
