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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
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Chronicle:

CHINA'S OIL GAS REFORM
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

CHINA'S OIL GAS REFORM
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

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2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

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2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

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