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]