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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: quehubo who wrote (22206)	5/6/2003 7:33:34 AM
From: John Carragher	Read Replies (1) of 206223

china report. OIL BOOM Billions of foreign dollars are pouring into China's energy sector as international firms such as BP Plc (London:BP.L - News), ExxonMobil (NYSE:XOM - News) and Royal Dutch/Shell Group(Amsterdam:RD.AS - News; London:SHEL.L - News) jostle to build refineries, petrochemical plants and pipelines and gain a foothold in the lucrative domestic retail market. Chinese oil companies -- PetroChina (HKSE:0857.HK - News; NYSE:PTR - News), CNPC, CNOOC Ltd (NYSE:CEO - News; HKSE:0883.HK - News) and Sinopec -- are on a spending spree for oil and gas assets around the globe as part of a government's push to secure fresh reserves, which are dwindling at home. China's thirst for petroleum is expected to drive world growth in oil consumption this year with the economy among the fastest growing in the world. Car sales surged 56 percent in 2002 to exceed one million vehicles for the first time. The IEA predicts China's oil demand will hit 5.33 million barrels per day (bpd) this year from 2002, up 3.4 percent, or double forecasts for North American growth of 1.7 percent. The agency's Chen said top of the agenda for Li and the Energy Bureau will be regulating the gas and power sectors to expedite power purchase agreements between transmitters and generators. "This will be the burning issue as these contracts are key to the success of West-to-East gas pipeline and the Guangdong LNG projects," Chen said. PetroChina is building a 4,000-km gas trunkline stretching from the deserts in western China to the booming eastern city Shanghai. Beijing also plans two terminals to import liquefied natural gas in the south of the country where power requirements are steeply increasing.

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