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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (2194)12/22/2003 12:25:54 AM
From: RealMuLan  Read Replies (1) of 6370
 
China plans major restructuring of its energy industries

AFP , BEIJING
Monday, Dec 22, 2003,Page 10
China is planning to reorganize its coal industry and form eight to 10 large coal mining firms capable of mass output to address the country's serious energy shortage, state media said yesterday.

The plan was announced over the weekend as officials revealed China's coal output -- while expected to increase by 14 percent from last year to 1.6 billion tonnes this year -- cannot meet rising demand due to rapid economic growth.

Under the plan unveiled Saturday the companies will be capable of each producing more than 50 million tonnes of coal annually, the Xinhua news agency reported.

Four or five of the firms will be expected to each turn out 100 million tonnes a year, according to the plan revealed by the Chinese Society of the Coal Industry, formerly the Ministry of the Coal Industry, at a conference on coal sector reform.

The firms will be created through mergers and are expected to control 60 percent of the domestic coal market, Xinhua said.

The Society is also planning to build large coal mining centers and big and medium-sized mines equipped with advanced equipment.

taipeitimes.com
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