China could see its oil production growth taper off in the coming years as the recent new discoveries could prove challenging to develop while output at mature fields declines, according to analysts and forecasters. Since 2019, China has boosted its crude oil production every year, by around 2% per year, …
Read More »Chinese Banks Lead $120 Billion Global Financing for Coal Projects
Chinese lenders arranged three-fourths of all the $120 billion in global financing for coal projects last year, new research from BloombergNEF showed on Wednesday. Chinese banks accounted for a massive 76%, or $93 billion, of the arranged financing for coal projects last year, followed by U.S. banks, which were at …
Read More »Adnoc Signs 15-Year LNG Supply Deal with China’s ENN Natural Gas
Adnoc has signed a 15-year agreement with ENN LNG, the Singapore subsidiary of China’s ENN Natural Gas, for the delivery of at least a million metric tonnes a year of liquefied natural gas. The LNG will primarily be sourced from Adnoc’s Ruwais LNG project in Abu Dhabi, with deliveries expected …
Read More »Russia to Raise Gas Export to China via Eastern Route
Gazprom PJSC and China National Petroleum Corp. (CNPC) have agreed to increase the volume of Russian gas export to China through the Power of Siberia Pipeline next year, Russia’s state-owned Gazprom said. At a meeting between representatives of the oil and gas majors, “[i]t was noted that Russian gas supplies …
Read More »Global Coal Demand is Set to Hit a Record High in 2023
Global coal demand is set to rise by 1.4% this year and surpass a record-high level of 8.5 billion tons for the first time, the International Energy Agency (IEA) said on Friday. While coal demand in the United States and the EU is set for a 20% record decline this …
Read More »EU might be Standing in the Way of China’s Energy Transition
The EU is pushing forward to protect its clean energy manufacturing from Chinese competition by adopting measures to help its EV, solar, and wind industries. The bloc has been looking for months to address its dependence on imported technologies, especially cheaper products from China, which undermine the market shares of …
Read More »Vietnam’s Rare Earth Riches become Focus Point for U.S. and China
Vietnam finds itself wooed by two large world powers. However, this time, it is not over any geopolitical consideration, but for a resource that the modern world covets: rare earths. China and the U.S. are locked in a race to court a country that boasts the world’s second-largest rare earth …
Read More »China Launches World’s First Fourth-Generation Nuclear Reactor
China has taken a step ahead of competitors in civil nuclear energy technology as it started up the world’s first fourth-generation nuclear reactor this week. As many countries are starting to recognize that nuclear power generation will play an important role in the energy transition by providing additional net-zero electricity, …
Read More »Building of China’s Largest Commercial Underground Oil Reserve Begins
Construction of China’s largest commercial underground oil reserve project began in Zhejiang Province on Saturday. It is expected to facilitate the rapid storage, processing and turnover of imported crude oil after completion, and secure stable domestic supply of oil and gas. Located in Ningbo City, the project was independently designed …
Read More »China’s Plan for Flooding the Market with Cobalt
Chinese mining companies have sharply increased their cobalt output in Congo as they seek to expand their market share, putting further pressure on a commodity whose price has badly tanked. Cobalt is widely used in the electric vehicle sector whereby it’s combined with nickel to produce higher energy density in …
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