Tag Archives: Government of China

China'.s top economic planner has called for proper planning for the construction of liquefied natural gas (LNG) storage facilities to improve the country'.s storage capacity.

The idea was revived in the late 2010s with the rise of demand for power for offshore oil and gas drilling and the creation of safer reactor technologies.

The share of yuan-backed crude oil contracts has soared to 12 percent of global trading since the US withdrawal from the Iran nuclear deal.

U.S. exit from Iran deal puts pressure on European planemakers.

Imports for the first four months of 2018 rose 8.9 percent versus the same period a year ago to 151.43 million tonnes. or 9.21 million bpd.

China’s Finance Ministry even pledged to exempt nonresidents investing into the contract from taxes for up to three years.

The Chinese tariffs are seen as retaliation to last month’s U.S. tariffs on imported steel and aluminum.

The Chinese plans to pay in yuan for oil are at early stages.

China has already taken steps that it hopes will help to internationalise its currency.

Energy Outlook forecasts U.S. crude oil production to increase by 1.4 million b d in 2018 and the Brent-WTI spread to average $3.96 b.