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To: mishedlo who wrote (53508)	2/12/2006 6:05:27 AM
From: shades	Respond to of 110194

DJ China Expects 2006 Oil Consumption Up 5.4% To 7% -Reports . BEIJING (Dow Jones)--China expects its oil supply to be tight this year as oil consumption rises between 5.4% and 7%, state media reported over the weekend, citing the National Development and Reform Commission. China will likely consume at least roughly 177.24 billion tons of oil products this year, up about 9 million tons from last year, based on the NDRC's forecasts, the Shanghai Securities News said Saturday. China needs 17 million tons more refining capacity to meet the demand for oil, the paper said, without giving the current capacity. China's crude oil consumption will near 315 billion tons and require processing capacity to rise by about 15 million tons to 300 billion tons, the paper said. It didn't give comparative figures. The transport sector, which has entered a period of stable and reasonable growth, will likely account for 75% of China's oil consumption, the official Xinhua News Agency reported Sunday. China is also working to improve the price-setting mechanism for oil products and may start a fuel tax this year, the paper said, citing an unnamed source at NDRC, China's top economic planning agency. The NDRC also proposed measures, including developing overseas oil resources, improving China's processing, supply and reserves system and abolishing policy obstacles, to better China's pricing mechanism and energy security system, the paper said. Some analysts say China's oil consumption grew in 2005, but Xinhua recently said it declined. An unexpected demand surge from China's power-generating sector in 2004 played havoc with forecasts that were, in some cases, 60% too low, and sent crude oil prices soaring. The NDRC last week held a meeting in Guangzhou in the southern province of Guangdong. According to a Xinhua report, one of the issues discussed at the meeting is a new oil products pricing system to be based on international benchmark crude prices. Currently, oil products prices in China are based on a basket of retroactive prices of Singapore, Rotterdam and New York products. -By Terence Poon; Dow Jones Newswires; 8610 6588 5848; terence.poon@dowjones.com (END) Dow Jones Newswires February 12, 2006 05:38 ET (10:38 GMT)

To: mishedlo who wrote (53508)	2/12/2006 6:08:27 AM
From: shades	Respond to of 110194

Shanghai OK For Fincl Derivatives Futures Exchange-Report buffet must be happy - more weapons of financial mass destruction BEIJING (Dow Jones)--Shanghai will be the home to a financial derivatives futures exchange, reports the central bank-backed Financial News, citing a senior city government official. The State Council has given approval for Shanghai to begin preparatory work on establishing a futures exchange for financial derivatives, said Feng Guoqin, a vice mayor of China's financial hub and a member of the Standing Committee of the Communist Party of China Shanghai Committee, according to the report over the weekend. Fan Fuchun, a vice chairman of the China Securities Regulatory Commission - the nation's top securities regulator - is chief of a task force handling the preparatory work for setting up the potential exchange, the report said. Fan is expected to visit the port city in the near future to discuss plans for the potential exchange with city government officials, the report said. The deputy chiefs of the task force are Jiang Yang, chief executive officer of the Shanghai Futures Exchange, and Yang Maijun, director of the futures division at the CSRC, the report said. The new exchange is expected to be set up as a shareholding entity, with China's two main stock exchanges and its three commodity futures exchanges holding a 20% stake each, according to the report. While commodity futures trading is allowed in China, market participants have been anticipating the comeback of financial derivatives, especially stock and bond futures trading. Beijing has been cautiously and gradually paving the way for the re-emergence of a market for trading financial derivatives, after it shut down an active bond futures market due to a scandal that nearly collapsed the financial system over a decade earlier. -By J.R. Wu, Dow Jones Newswires; 8610 6588-5848; jr.wu@dowjones.com (END) Dow Jones Newswires February 12, 2006 05:15 ET (10:15 GMT)