China National Petroleum Subsidiaries to Pay Billions for Central Asia Gas Pipeline – AP

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Energy needs have pushed China to find new sources of oil and gas. From AP, via the International Herald Tribune:

China’s biggest oil company, China National Petroleum Corp., will spend 16 billion yuan (US$2.2 billion, €1.5 billion) to help build a natural gas pipeline from Turkmenistan that will eventually supply energy for booming cities such as Shanghai, a state news agency reported.

China’s energy demands have soared, driven by annual economic growth that has exceeded 10 percent the past four years. Energy companies have signed a flurry of deals to explore for and develop oil and gas in former Soviet republics, Africa and elsewhere. [Full text]

See also a past entry from CDT on China’s oil needs.

[Image source: PressTV]

December 29, 2007 11:52 AM
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Categories: Economy