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2017-05-30 20:35:00

CHINA'S OIL & GAS REFORM

CHINA'S OIL & GAS REFORM

SHANGHAIDAILY - CHINESE authorities unveiled a reform plan for the country's oil and gas industry, giving market a decisive role to make the sector more efficient and competitive.

The plan was approved by the Central Committee of the Communist Party of China and the State Council, China's Cabinet.

"Market should play a decisive role in resource allocation and the government role should be better played in order to safeguard national energy security, boost productivity and meet people's needs," the reform guideline said.

The long-awaited plan is unveiled as reform of the sprawling state-controlled sector to improve efficiency is a priority for Chinese authorities as the world's second-largest economy is slowing amid cyclical and structural changes.

The reform is also a key plank of the country's 13th Five-Year (2016-2020) Plan.

The plan reaffirmed the leadership's commitment to deepening the reform of state-owned oil and gas companies, encouraging eligible enterprises to diversify their shareholder base and introduce mixed-ownership reform.

Efforts should be made to advance reshuffling of the oil and gas industry based on work specialization. Engineering companies and oil and gas equipment manufacturers are encouraged to perform as independent enterprises.

State-owned oil and gas companies should "keep fit to stay healthy," free themselves from running social services, and explore ways to sort out problems left over from history.

China's oil and gas sector is dominated by three state-owned heavyweights: China National Petroleum Corp, China Petrochemical Corp and China National Offshore Oil Corp.

The trio of giants have long been blamed for monopolizing the oil and gas resources with redundant workers and low efficiency.

The reform calls for the participation of eligible enterprises in the prospect and development of regular oil and gas resources which used to be dominated by state-owned companies.

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Earlier: 

SOUTH CHINA SEA GAS 

CHINA'S GLOBAL ENERGY 

U.S. LNG TO CHINA 

CHINA: THE TOP BUYER 

CHINA'S OIL DEMAND UP 5.3%

 

 

Tags: CHINA, OIL, GAS

Chronicle:

CHINA'S OIL & GAS REFORM
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DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

CHINA'S OIL & GAS REFORM
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

CHINA'S OIL & GAS REFORM
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

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CHINA'S OIL & GAS REFORM
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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