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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (25003)3/5/2005 11:12:06 PM
From: RealMuLan  Read Replies (1) of 116555
 
China to Speed Up Oil, Gas Exploration; Limit Power Plants
March 6 (Bloomberg) -- China plans to accelerate oil, gas and shale-oil exploration this year to meet increasing energy shortages and limit construction of certain power plants to reduce the strain on coal supplies and cut pollution.

``We need to alleviate tight supplies of coal, electricity, petroleum and transportation,'' Ma Kai, chairman of National Development and Reform Commission, said in his annual speech to the parliament yesterday. ``We will accelerate major projects for liquefying coal, exploiting petroleum and natural gas and we will rationally develop hydroelectric power.''

China's economy expanded at the fastest pace in eight years in 2004, boosting demand for electricity as manufacturers such as Honda Motor Co. raised output. The pace at which power companies are moving to increase supply is prompting concern of surplus capacity and that environmental standards are being disregarded.

The government will accelerate construction of nuclear power plants and generators that use cleaner-burning fuels such as natural gas, wind and solar, Ma said.

China also plans to institute a pricing system that will charge different rates for power generated by different resources to promote energy conservation, Ma said.

China's government plans to speed up projects in the country to extract oil from shale, Ma said. Shale-oil is produced by baking shale rocks and is typically cheaper to develop compared with extracting oil reserves.

The commission is China's top economic planning agency.



bloomberg.com
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