CNPC to explore coal-bed methane with overseas firms
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China's business press carried the following stories on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
CNPC to explore coal-bed methane with overseas firms -- Shanghai Securities News
China National Petroleum Corporation (CNPC) has been granted approval to explore coal-bed methane with overseas partners, Yu Baocai, vice president of CNPC, said in Beijing Sunday.
According to Zhang Weidong, vice president of Hong Kong-invested China Age Energy Investment Corporation, the two companies have cooperated on oil exploration and development near Kashgar, and will work together on coal-bed methane exploration.
Zhang said CNPC has reached an agreement with Arrow Energy, an Australian energy company, to explore coal-bed methane in the Xinjiang Uygur Autonomous Region.
Until now only China United Coal-bed Methane Corporation had been authorized to partner with overseas companies on coal-bed methane.
Inner Mongolia has advantages in clean energy -- China Securities Journal
Inner Mongolia has advantages in clean energy thanks to its abundant natural resources, said Bate'er, governor of the Inner Mongolia Autonomous Region, in an interview with China Securities Journal.
According to Bate'er, turning coal into coal gas, methanol and other products can provide a solution to nationwide electricity shortages. Inner Mongolia has reached an understanding with the State Grid to build three major transmission lines to transfer electricity to east and central China.
Inner Mongolia's potential for wind energy development is huge. By October 2009, the region had installed wind capacity of 5.028 million kw, the highest in the country. The region plans to expand this to 30 million kw by 2020, accounting for 20 percent of total installed capacity in the region.
CIC's profits exceeded US$10 billion in 2009 -- China Business News
In 2009 as global financial markets were recovering, China Investment Corporation (CIC) increased its overseas investments, generating unrealized profits of more than US$10 billion, a senior manager of the company said during the 2010 annual sessions of the NPC and CPPCC.
The figure means CIC's rate of return on overseas investment in 2009 was around 10 percent, in contrast to a 2.1 percent loss in 2008. According to the company's 2008 annual report, its overseas investments amount to "around US$110 billion," more than 50 percent of its US$200 billion allocated investment fund.
Wang Jianxi, vice president of CIC, said that since the second half of 2009 CIC has invested in North America, Southeast Asia, Central Asia and Russia with positive results.
